The Services Insurance and Investment Advisory Panel, which is recognised by the MOD, is made up of individuals and firms who are insurance and independent Financial advisers specialising in providing services to members of HM Forces.
All Member Firms must be authorised and regulated by the Financial Conduct Authority (FCA) s in the UK, offer compensation rights to customers and adhere to the SIIAP Code of Practice.
Individuals and firms must be able to demonstrate that they have specialist knowledge and experience in providing Insurance and/or Investment advice to members of the Armed Forces. They have to be able to demonstrate knowledge, expertise and the ability to service Armed Forces clients effectively.
Customers who purchase services from SIIAP members are afforded protection if things go wrong by a simple complaints procedure.
A list of current member firms is available to all Service personnel at Unit Pay Offices, Regimental Admin offices and at Personnel Management Squadrons – via Defence Council Instructions.
The organisation provides a useful link between these brokers, intermediaries and IFAs and the Ministry of Defence. Therefore any problems or issues that arise, due to the unique lifestyle of Service personnel, can be identified and resolved. A five strong Management Committee handles the day to day running of the Panel.