What it does
- Compares products across the insurers it has access to, which is not always the whole market.
- Makes a recommendation and must be able to justify why it suits you.
- Handles the application, the underwriting questions and often the renewal and the claim.
- Explains exclusions before you buy, which is where most of the value sits.
How it is paid
- Usually by commission from the insurer, paid out of your premium.
- Sometimes by a fee you pay directly, or by a mix of both.
- The firm must tell you how it is paid if you ask, and disclose the nature of any fee.
What it is regulated to do
- Must be authorised by the FCA, or be an appointed representative of an authorised firm.
- Must say whether the recommendation is based on a fair analysis of the market or on a limited panel.
- Must give a recommendation that is suitable for the demands and needs it has identified.
Anyone arranging or advising on insurance in the UK must be authorised by the Financial Conduct Authority or be an appointed representative of a firm that is, and you can check any firm or individual free of charge on the Financial Services Register. [1] The conduct rules that apply to insurance sit in the FCA’s insurance sourcebook. [2]
What protects you
- Complaints go to the firm first and then to the Financial Ombudsman Service.
- The Financial Services Compensation Scheme can cover advice from a firm that has failed.
- You can check the firm and its permissions on the Financial Services Register before you engage it.
| The problem | Where it goes |
|---|---|
| An insurance sale, a policy decision or a declined claim | The firm’s complaints process first, then the Financial Ombudsman Service |
| A firm that has failed owing you money | The Financial Services Compensation Scheme |
| Care or safety at a hospital or clinic | The provider’s complaints process, then the health regulator for your nation |
| A doctor’s conduct or fitness to practise | The General Medical Council |
| Something we have published | Our own corrections route on the complaints page |
The Financial Ombudsman Service resolves complaints about regulated firms free of charge, [3] and the Financial Services Compensation Scheme can pay compensation where an authorised firm cannot. [4] Care regulators publish inspection reports for private hospitals as well as NHS ones, [5] and the medical register shows whether a doctor holds a licence to practise. [8]
Questions worth asking
Free and impartial guidance on any of this is available from MoneyHelper. [9] Private hospital and consultant performance and fee information is published by PHIN under the Competition and Markets Authority’s order. [6] [7]
Sources and methodology
- [1] Financial Conduct Authority. “The Financial Services Register”. View source(opens in a new tab)Primary source
- [2] Financial Conduct Authority. “Insurance: Conduct of Business Sourcebook (ICOBS)”. View source(opens in a new tab)Primary source
- [3] Financial Ombudsman Service. “Financial Ombudsman Service”. View source(opens in a new tab)Primary source
- [4] Financial Services Compensation Scheme. “Financial Services Compensation Scheme”. View source(opens in a new tab)Primary source
- [5] Care Quality Commission. “Find and compare care services”. View source(opens in a new tab)Primary source
- [6] Private Healthcare Information Network. “Private hospital and consultant performance and fee information”. View source(opens in a new tab)Primary source
- [7] Competition and Markets Authority. “Private healthcare market investigation”. View source(opens in a new tab)Primary source
- [8] General Medical Council. “The medical register”. View source(opens in a new tab)Primary source
- [9] MoneyHelper (Money and Pensions Service). “MoneyHelper — free and impartial money guidance”. View source(opens in a new tab)Primary source
We cite primary sources wherever possible. Read about our sourcing methodology.
Guides that explain this in full
Parvoz Haydarov
Founder, PremierPMI
- Founder of PremierPMI
- Whole-of-market private medical insurance
Parvoz founded PremierPMI as a specialist private medical insurance brokerage. He sets the direction of the firm — insurer relationships, service standards, compliance culture and the editorial bar for everything published under the PremierPMI name — and personally reviews the largest corporate and family cases before they go to market.
Read full profile
Emma Leadbetter
Editor and Copywriter, PremierPMI
- 15 years health, finance and consumer journalism
- PhD candidate, University of Chichester
Emma has written across health, finance and consumer-affairs journalism for more than 15 years, and has been part of the PremierPMI team since 2022. She is known for making complex topics easy to understand, and fact-checks every guide against current insurer wording before it goes live. She is completing a PhD at the University of Chichester researching how the NHS has changed since COVID-19.
Read full profile
