Financial Services Compensation Scheme (FSCS)
Opinion: Fees but not as we’ve known them
Biba’s Steve White considers if regulators have gone too far in terms of the fees and levies they are asking for from insurance brokers
Prometheus Insurance falls into administration
The Gibraltar-based insurer, also known as Tradewise Insurance Company, which went into run-off last year, cannot meet claims in full.
Brokers to bear brunt of £51m additional FSCS levy
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
UK insurance firm goes into administration
East West Insurance Company was forced into administration following a Court of Appeal ruling on a claim.
FSCS reports surge in broker-related claims
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.
FSCS "standing ready" to deal with customer impact from Gefion
COO Jimmy Barber discusses Gefion's solvent run-off, previous insurer failures including Alpha and Enterprise, and why he believes brokers are integral to the Scheme.
FSCS broker fees £5m lower than predicted
The levy will be £18m falling from the indicated £23m, however, it is still more than the £12m collected last year.
Broker featured on FSCS insolvency list
A.J. Cook Insurance Brokers has been declared in default by the scheme.
People Moves round-up: 13 - 17 April 2020
Keep up to date with the latest market moves.
Government consults on UK market access for Gibraltar-based firms
The legal framework previously in place needs to be changed due to Brexit, with firms having until 11 May to respond.
FSCS to pay out on four more insurance firms
The failed firms are JB Wilcock Insurance, Benson McGarvey Murdoch, Elite Insurance Company, and Quick-Sure Insurance.
FSCS declares CBL Insurance Europe has failed
The Ireland-based insurer was placed in administration in 2018 and was ordered to stop paying claims last December.
Gibraltar regulator sheds 22 staff in cost-cutting drive
The GFSC has also restructured its management team to be “flatter, wider and more inclusive”.
Gibraltar’s Quick-Sure enters administration
Having stopped writing new business in 2017, the regulator estimates that only 117 claims are left to be settled.
FSCS levy hike reignites call for separate broker pot
Expected broker levy rose to £23m for 2020/21 after spike in PPI complaints.
FSCS hikes broker levy up by £11m for 2020/21
Organisation says indicative levy for general insurance distribution is £23m and publishes Plan and Budget for the next financial year as total levy goes up by £87m.
Tradewise Insurance Company enters voluntary run-off
New capacity deal will see UK partner Tradewise Insurance Services write motor business into 2020.
Quizzical questions: 13 December 2019
Test your knowledge of the week's news with our topical quiz.
Elite Insurance goes into administration
The Gibraltar-based insurer closed to new business in July 2017.
2019 in review: May's top stories
The top stories in May were dominated by insolvencies, run-offs, liquidations, and redundancies.
Alpha, Enterprise and Gable failures set FSCS back £276m
Organisation also expects brokers to carry out the due diligence on replacement carriers.
Two brokers on FSCS insolvency list
Strathearn Insurance Services and Bellfield Financial Services have been declared in default by the scheme.
FSCS urges Alpha latent defect customers to submit claims
Scheme has in total paid out £31m in premium refund compensation to 229,000 Alpha policyholders following the collapse of the unrated Danish insurer in May 2018.
CRL Management likely to close amid Alpha fallout
Alpha was CRL's sole provider until it went bankrupt last year, and CRL has filed a document on Companies House which proposes the firm is wound up.