Insurance is a contract that transfers the risk of financial loss from an individual or business to an insurance company. They collect small amounts of money from clients and pool that money together to pay for losses. Insurance is divided into two major categories: Property and Casualty insurance (P&C)

If you want to sell or arrange insurance in the UK – or even simply advise on it – then you need a licence from the FCA. You also need to meet the regulations set out by the PRA. So insurance firms are dual-regulated, and are obliged to follow client money and assets (CASS) rules as outlined in the FCA handbook.

Insurance is your financial plan's safety net – having the right insurance at the right amount protects you and your family from unforeseen events and provides a baseline financial cushion.