Yachting24

[petem]

In this post I queried the regulatory status of "Yachting24" ....

http://www.ybw.com/forums/showthrea...ith-Haven-Knox-Johnston&p=4457942#post4457942

I can confirm that Yachting24 are not authorised by the FCA. Therefore, customers are not automatically entitled to support from the Financial Ombudsman Service (FOS) in making complaints or the Financial Services Compensation Scheme (FSCS).

Yachting24 are however EEA (European Economic Area) authorised, conducting business in the UK under "passporting rights". Consequently, any issues would need to be referred to the firm's home state regulator, Deutscher Industrie- und Handelskammertag, (DIHK) to discuss the complaints and compensation procedures they have in place for the firms that they regulate. Their web site is:

www.dihk.de/

Despite the firm being EEA authorised, customers may also wish to contact the Financial Ombudsman Service (FOS) to see if they will be able to investigate complaints.

I must confess that EEA authorisation was new to me. If anyone is interested in EEA authorisation and passporting, some additional links can be found below:

http://www.hmrc.gov.uk/manuals/gimanual/gim10030.htm
http://www.fca.org.uk/firms/being-regulated/passporting/passporting-faqs

Please note that the above should not be taken as a suggestion that the service that Yachting24 provides will lead to claims. I do however feel that potential customers should understand who they would need to contact if they cannot resolve any complaints with Yachting24 (or any other EEA regulated insurer) themselves.

Pete

 

[Sandyshore]

Thanks Petem I was sure I was not talking tosh having looked through the Yachting 24 policy despite one vocal comment that I was wrong.
Like you I checked with higher Authority and it is clear German version of FOS.
Rather crafty how its tucked into Pants operation without being made clear at source such as the insurance policy you are buying has its complaints department in a bunker in Germany.... .Perhaps Basil F is the complaints adjudicator!
Not a policy for me hope others have not been swayed by the no survey spin and walked away.