Limited regulation by the FCA, what does this mean

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Hi there,

I’ve recently bought wedding insurance from WeddingPlan and have just received an email saying that the wording sent originally was incorrect. The updated wording is:

Great Lakes Insurance SE, UK Branch, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of their regulation by the Financial Conduct Authority and Prudential Regulation Authority are available on request.

Does anyone know what limited regulations means in practice for someone who’s bought the insurance? I guess what I’m asking is, should I be worried having bought insurance through them?!

Thank you!

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