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Practices and pet insurance: new rules
23 March 2004
From 14 January 2005 the Financial Services Authority (FSA), the UK financial services regulator, will be responsible for regulating insurance business, including the sale and administration of pet insurance.
From this date, if a veterinary practice:
passively displays promotional literature from pet insurers, it will not be subject to FSA regulation (the RCVS Guide to Professional Conduct suggests practices display a range of promotional literature); or,
- advises on pet insurance, arranges insurance on a client's behalf, or makes a claim on behalf of a client, it will be subject to FSA regulation.
If a practice is subject to FSA regulation there are two main choices: becoming an appointed representative of an insurance company that is authorised by the FSA, or direct authorisation by registering with the FSA. Further information may be obtained from the FSA website.
The BVA has prepared advice on the new rules, which is available on its website.