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The Financial Services Authority - which acts under the Financial Services and Markets Act 2000 - has now established a register to record which insurance companies are covering employers in order to avoid instances whereby damages are not awarded due to records being lost or firms going out of business, Chronicle Live reports.
For instance, retirees such as Ronnie Robson of Newcastle - who has received a settlement of £5,000 after he contracted pleural plaques during his career in the Merchant Navy - are set to benefit from this scheme.
"Anything that helps people to get money after they become ill through no fault of their own is good," he remarked.
Mr Robson went on to say that the register will definitely help in the future as many people have missed out on damages because of poor administration.
Posted by Helen Jones
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