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How can you be sure that the
company you choose is reputable, trustworthy and
professional? Here’s our guide to help you:
1. Financial Services Authority
All firms of loss assessors must be authorised and
regulated by the Financial Services Authority (FSA).
This has been a legal requirement since January
2005. If you are approached by a firm of loss
assessors who are not regulated by the FSA, you must
not use them as they are acting illegally.
Some firms of loss assessors try to
get around this by having an arrangement with
another organisation which allows them to operate
under their registration (they will be described as
“appointed representatives”). While this arrangement
might get around the law, the complaints process
could be very complicated if you need to go to the
FSA for help. So make sure the firm of loss
assessors you are talking to is directly regulated
by the FSA.
Finally, you may want to ask them
if they are authorised by the FSA to hold client
money. For this, a company has to prove that it
meets stringent financial criteria, and as a result
this is a very good measure of a company’s
credibility.
2. Trade Association
There is no trade association for firms of loss
assessors in the UK. The Institute of Public Loss
Assessors (IPLA) offers no guarantee of the quality
or professionalism of its members. In addition, this
association covers individuals only and has no
authority over the companies they work for. So if a
loss assessor is a member of the IPLA, don’t be
misled into thinking that this has any value: the
only authority which can provide you with legal
protection is the FSA.
3. Professional Indemnity
Insurance
Always check that the loss assessor you are dealing
with has full professional indemnity insurance cover
to at least a value of £2m. Without it, you are not
fully protected and you may lose money if something
goes wrong.
4. Terms and Conditions
Always read the loss assessor’s terms and conditions
thoroughly before you sign anything. In
particularly, check that there is a clause stating
that there is a 14-day cooling off period
which allows you to change your mind after you have
signed the contract.
5. Fee Transparency
Ensure you know exactly what fees you will be
charged. These can vary widely and you should be
absolutely certain you understand the way fees will
be calculated. The firm’s fee structure should be
clearly stated in writing: make sure you understand
this completely before you sign anything.
In certain circumstances the fees
of a firm of loss assessors can be agreed as a small
fixed amount or even free of charge.
6. Staff Qualifications
There are no specific qualifications for loss
assessors. However, you should find out if there are
qualified professionals involved. For example, the
more reputable firms will have qualified insurance
professionals and chartered surveyors working for
them who will be able to deal correctly with the
insurance contract and the reconstruction of your
property. If you have a business insurance claim,
then you would expect forensic accountants to be on
the team: they will have the necessary knowledge and
experience to work on your business interruption
claim.
7. Testimonials
The best reassurance you can have is to hear about
other people’s experiences when they have used the
services of a firm of loss assessors. So ask for
references and follow them up: this will verify the
loss assessor’s experience and professional
integrity, and give you an opportunity to speak to
others who have found themselves in exactly the same
situation as you.
8. Public Recognition
One of the biggest endorsements for a firm of loss
assessors is to be asked by national TV and news
organisations to provide expert advice or opinion.
Look at the company’s website and see if they have
ever featured , for example, on BBC TV or radio:
this will prove that they are regarded as industry
leaders and can be trusted. |
