FSA - Financial Services Authority

The FSA is an independent body that regulates the financial services industry in the UK. It has been given a wide range of rule-making, investigatory and enforcement powers in order to meet statutory objectives.

Q What does this mean in the property industry?

A All Letting and Estate Agents dealing with financial matters such as selling insurances and mortgages are regulated by the FSA and are classified within one of three categories on the FSA register.

Category 1 - Introducer
A company in this category is allowed to promote, by having product leaflets available to give to clients for various insurance or mortgage suppliers, but is not allowed to get involved in the selling of or advising on those products. The client must deal directly with the supplier.
Category 2 - Approved Representative
This category enables the company to sell products for suppliers who have approved the company to act as their agents. They can also deal with renewals and claims for the same suppliers, but are not allowed to deal with any other insurance companies who have not given their approval.
Category 3 - Fully Authorised
This is the highest level of authorisation from the FSA and enables the company not only to act as an introducer and approved representative, but also enables the company to deal with renewals and claims with any insurance company. In some cases, approval has been given for the company to hold and control client money in respect of non-investment insurance contracts.

It will not surprise you to learn that Ashton Burkinshaw are registered by the FSA as Fully Authorised with client money approval and our registration number is 310744. This registration gives confidence to both Landlords and Tenants that we actually can do what we say we can.

Q What is the benefit to me of Ashton Burkinshaw's FSA registration?

A This level of authorisation enables us to provide all the activities that a landlord needs when buying into our Full Management service.

For example, should a landlord be overseas when a disaster befalls his property, unless his letting agent is fully authorised, or the insurance company that landlord uses for his Buildings and Contents insurance has the letting agent on their approved list, the landlord will have to deal directly with his insurance company and all the hassle that this involves. Ashton Burkinshaw can deal with the problem and have it sorted, often without even troubling the landlord! This also means that a tenant is inconvenienced for less time.

Q Are there any other benefits?

A Yes - We have worked with Letsure ands have created policies written specifically for tenants in the private rented sector, to cover their contents and possessions whilst also providing accidental damage cover to landlord's contents. We have also created Letting specific policies for Landlords' Contents and Buildings, which not only covers the buildings and contents, but provides the Landlord Public Liability insurance and permission to let is automatically given. Premiums are very competitive as AB buys them in bulk and can pass down these savings to its clients and tenants.

Why work with any other agent who is not Fully Authorised? If a disaster were to occur, live comfortably in the knowledge that we can sort things out for you, avoiding you the hassle. Why not contact one of our branches for a quote?