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News at ILAA (Independent Loss Adjusters Association)


Increased F.O.S. Compensation Limits
  |  08 Mar 2019
The F.C.A. has confirmed that the maximum compensation that can be awarded by the F.O.S. will increase from £150,000 to £350,00 for complaints made after 1 April 2019, and for complaints made after that date, but for incidents arising prior to 1 April 2019, the limit will increase to £160,000. From that date SMEs with fewer than 50 employees and an annual turnover of under £8.5 million may also lodge complaints with the F.O.S.
Greater Access to F.O.S. for SMEs
  |  05 Dec 2018
The Financial Ombudsman Service has announced plans to allow increased access to its services by SMEs, Charities and Trusts from 1 April 2019. The current limits of having fewer than 10 staff and a balance sheet turnover of up to £2 million are to be increased to 50 staff and a turnover up to £5 million. They are also consulting on increasing the binding award limit from £150,000 to £350,000 for complaints arising after 1 April 2019.
General Data Protection Regulations
  |  03 Nov 2017
The General Data Protection Regulations (GDPR)come into force on 25 May 2018. Among other things these give individuals improved and additional rights regarding information held about them by financial and other institutions. A summary of the improved individual's rights are available under the heading "Regulatory Information" in the Member's Section.
Changes to FCA Rules for Policy Renewals
  |  02 Mar 2017
As from 1 April 2017 new rules will apply to Insurers and Intermediaries requiring policyholders to be reminded that they should shop around at each renewal date to ensure that the renewal terms offered continue to meet their needs. Further details available on the Financial Conduct Authority web site.
The Enterprise Act 2016
  |  23 May 2016
On 4 May 2016 The Enterprise Bill received Royal Assent to become The Enterprise Act 2016. Among its provisions affecting the handling of insurance claims, will be the addition of an implied term to all insurance policies effected from 4 May 2017 that settlement of valid claims will take place within a reasonable period. For the first time this will allow policyholders to claim damages for claim payments that are unreasonably delayed.




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