The Financial Conduct Authority (FCA) found insurance claims are ‘not always being managed effectively’ and in the interests of small business.
The FCA recently carried out a thematic reviewof how 100 small business customers were treated in regard to handling insurance claims of over £5,000.
It found that the claims service is not consistently working in the interests of many businesses, resulting in a poor claim experience.
The review was carried out, the FCA said, because of “the vital role small businesses play in the health of the UK economy”.
Linda Woodall, acting director of supervision at the regulatory body, said: “In an area where any delay could have a serious impact on a business or someone’s livelihood, it is vital that claims are taken seriously and processed promptly. The means putting customers at the very heart of the process.”
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