FREECLAIM IDC WINS FSA RECOGNITION
FreeClaim IDC Plc has been granted recognition by the Financial Services Authority.
FreeClaim IDC has successfully developed a unique insurance package that allows solicitors to fund and insure litigation actions for personal injury and professional negligence claims.
FreeClaim now employs over 40 people at its Ashington headquarters and since the company developed its litigation funding package in October 2000, solicitors from across England and Wales have used the insurance to raise actions winning millions of pounds for thousands of claimants.
FreeClaim IDC legal director Mr Mike Armstrong said,
“We are delighted to have obtained authorisation from the FSA. We actively sought authorisation by the FSA because, as a company, we strongly believe in regulation of the insurance industry.
Compliance procedures supervised and inspected by the FSA are rigorous and exacting but we believe our customers are entitled to that level of scrutiny.”
He added,
“FSA recognition is a boost not only for FreeClaim IDC but also for the financial services sector in the North East.”
FINANCIAL SERVICES AUTHORITY (FSA)
The FSA is an independent non-governmental body, which was given statutory powers by the Financial Services Market Act 2000.
Its aim is to maintain confidence in the financial system, promote public awareness to enable individuals to become an informed customer and to ensure consumer protection by vetting and only allowing firms which satisfy necessary criteria to engage in regulated activity.
Once a firm is approved by the FSA they must maintain particular standards set by the FSA, which are monitored through company audits. The FSA also focuses on money laundering, fraud and dishonesty.
FreeClaim IDC applied for FSA approval on the 3 October 2003, and FSA approval was granted in January 2005.