SIIAP, 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 are authorised and regulated by the relevant authorities in the UK, offer compensation rights to customers and adhere to the SIIAP Code of Practice.
Individuals and firms have to demonstrate that they have specialist knowledge and experience in providing Insurance and/or Investment advice to members of the Armed Forces. They must 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.
SIIAP (the Services Insurance & Investment Advisory Panel) is an advisory panel of regulated insurance and independent investment advisers. They all specialise in offering services to members of HM Forces and regulated by the appropriate authority in the United Kingdom, therefore offering full compensation rights to clients whether serving overseas or in the UK.
A Code of Practice setting out the standards of service required from all members of the Panel is available to clients. This, together with 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 Panel consists of companies who have specialist knowledge and experience in the provision of Insurance and Investment advice to individual members of the Armed Forces. These range from small 'one-man' bands through to national institutions with dedicated military departments.
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 seven strong Management Committee handles the day to day running of the Panel.
Who is eligible to join?
The Panel requires all Member Firms to be fully authorised for all relevant classes of insurance and/or a investment business transacted. A full list of current authorities is available. Member Firms must have specialist knowledge and experience in the provision of Insurance and/or Investment advice to members of the Armed Forces and show that they have the knowledge, expertise and ability to service Armed Forces clients effectively.
"Whether the company is based in Germany, Cyprus, Northern Ireland or mainland UK - SIIAP provides an effective communication platform with key MoD personnel for issues to be aired/resolved."
SIIAP Constitution & Purpose
The purpose of SIIAP is to forge close links between those brokers/intermediaries/IFAs working with the military community and the military authorities to ensure any issues related to the provision of financial services can be satisfactorily resolved.
"Whether the company provides general insurance, independent financial advice - or both, SIIAP will provide an effective communication platform with Key MoD personnel for issues to be aired/resolved"
What's in it for MoD?
At various levels within the MoD and at local Service Units there is an acceptance that Service issues are unique and that not all organisations providing general insurance and financial advice are conversant with the idiosyncrasies of the HM Forces lifestyle - however professionally qualified they may be!
SIIAP provides them with a platform to discuss any problems that they encounter with the provision of insurance or financial products to Service personnel.
What's in it for the customer?
By purchasing an insurance or financial product from a SIIAP member, customers have the peace of mind that they are dealing with a competent organisation who has made all the necessary arrangements to look after their interests - whether they are based in the UK or anywhere else in the world.
What's in it for the companies?
To differentiate their company from 'just another organisation providing financial services' membership of SIIAP will demonstrate to customers that they are experienced in Service issues.
Membership will also demonstrate to influential Unit Officers that they are committed to providing products that are compliant with the needs of Service personnel. To this effect we will produce a list of Member firms for distribution by MoD to all Units. This will also be communicated directly to customer information points (e.g. HIVEs etc.) and through the Internet.