What is the Financial Ombudsman Service ("FOS")?
The Financial Ombudsman Service or "FOS" is an unbiased and free complaints service set up by Parliament to help resolve complaints between customers and financial services businesses operating in the UK such as Chubb European Group (CEG) and ACE Europe Life (AEL). If the FOS decides that someone has been treated unfairly, they have the legal powers to put things right. Decisions made by the FOS are binding on the firm. You can find more information about the FOS at its website: https://www.financial-ombudsman.org.uk/default.htm
You can find out more information about how to make a complaint at our website address https://www.chubb.com/uk-en/about-us/complaints.html
What is the Financial Services Compensation ("FSCS")?
The Financial Services Compensation Scheme or "FSCS" provides compensation for eligible customers of insurance companies such as CEG and AEL (up to the applicable limit) if their insurer is declared in default by the Prudential Regulation Authority. For further information please visit the FSCS website at https://www.fscs.org.uk/what-we-cover/
To be declared in default, the insurer must be unable to pay or likely to be unable to pay claims against it, generally because it has stopped trading and has insufficient assets to meet creditor claims or is in insolvency. The FSCS is therefore a statutory fund of last resort.
The UK regulators intend to publish a consultation on the broader approach to FSCS protection after Brexit later this year. We will update you further after this paper is published.
What is the Fond de garantie des assurances obligatoires de dommages ("FGAO")?
The Fond de garantie des assurances obligatoires de dommages or "FGAO" is a French compensation scheme which allows eligible customers of non-life insurance companies participating in the Scheme (as CEG intends to after redomicile) in respect of some compulsory classes of non-life insurance only, e.g. civil liability risks related to the use of motor land vehicle or truck trailer and building damages (dommages-ouvrage) to claim compensation for financial loss (up to the applicable limit) if the insurer is declared in default by the Autorité de Contrôle Prudentiel et de Résolution or "ACPR". For further information please visit the FGAO website at https://www.fondsdegarantie.fr/en/home-2 (available in French or English).
To be declared in default, the insurer must be unable to fulfil certain approval conditions or be considered to be in insolvency (because, for example, the insurer has stopped trading and has insufficient assets to meet creditor claims). The FGAO is therefore a statutory fund of last resort.
What is the Fonds de garantie des assurés contre la défaillance des sociétés d'assurance de personnes ("FGAP")?
The Fonds de garantie des assurés contre la défaillance des sociétés d'assurance de personnes or "FGAP" is a French compensation scheme which allows eligible customers of life insurance companies participating to the Scheme (such as AEL intends to do after redomicile) to claim compensation for financial loss (up to the applicable limit) if the insurer is declared in default by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). For further information please visit the FGAO website at https://www.fgap.fr/ (only available in French).
To be declared in default, the insurer must be unable to fulfil certain approval conditions or be in insolvency (because, for example, the insurer has stopped trading and has insufficient assets to meet creditor claims). The FGAP is therefore a statutory fund of last resort.
What is a customer?
For the purpose of the FGAO and FGAP, a customer means any policyholder (souscripteur), insured (assuré), member of group policies (adhérent) or beneficiary (bénéficiaire), either French or non-French resident, who is eligible for the FGAO or FGAP's protection.