Skip to main content


Definition of a complaint

Any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which:

(1) alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience and (2) relates to an activity of that respondent, or of any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service in the UK. 

Definition of a complainant

The applicable definition of 'eligible complainant' is contained in the FCA Handbook. It is important that managing agents refer to that definition but in summary, 'eligible complainants' are:

•A consumer

•A micro-enterprise which employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2 million

•A charity which has an annual income of less than £6.5 million at the time the complaint is made

•A trustee of a trust which has a net asset value of less than £5 million at the time the complaint is made

•A person acting for purposes which are outside that person’s trade, business or profession

•A small business which is not a micro-enterprise and has and has an annual turnover of less than £6.5 million and employs fewer than 50 persons; or has a balance sheet total of less than £5 million

•A guarantor

Application of Lloyd’s procedure and local complaint regulations

All insurance policies written on a freedom of services or establishment basis.

It is Lloyd’s understanding that there are no local complaints handling rules which apply to Lloyd’s. However, it remains the managing agent’s responsibility to ensure all local requirements are met, where applicable, in all territories in which they write business. 


A final response to be provided within 8 weeks of receipt of the complaint. 

EDR scheme and eligibility

The Insurance Complaints Committee

Höfðatún 2

105 Reykjavík


Tel: + 354 520 3700

Fax: +354 520 3727


Local Regulatory Reporting Requirements


Lloyd’s Complaint Notice

A new complaints notice for Iceland will be published on the Lloyd’s Wordings Repository. It will be referenced in the Pre-contractual notification and Insurance documents sections of Crystal