Financial Services Compensation Scheme (FSCS)
FSCS pays out to Lamp home customers
Unrated Gibraltarian insurer went into liquidation in May.
FSCS pays out to Lamp GAP and health customers
Gibraltarian insurer went into liquidation at the end of May.
CRL stops writing new business amid Alpha fallout
The FSCS has been advised that all queries are being redirected to BCR.
The Insurance Age Podcast: 23 August 2019
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FSCS set to compensate Alpha Insurance latent defect insurance policyholders
The body has stepped in after the collapse of the deal with BCR Legal Group.
Quizzical Questions: 16 August 2019
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FSCS declares broker in default
Westbury Capital Partners specialised in home and contents, motor and travel insurance as well as high net worth.
Collapsed Alpha replacement cover deal hits problems
FSCS flagged that “last minute issues” are preventing the deal being finalised as it admits it is unsure what the final outcome will be.
Red Sands scoops up failed insurer Lamp’s home policies
Now4Cover has moved the customers to Gibraltar-based provider Red Sands.
FSCS agrees Alpha replacement cover deal
Collapsed Danish insurer's latent defect policyholders will now be covered by a new, solvent insurer.
CRL close to finding replacement for Alpha policies
Broker has had its deadline extended several times, but FSCS says "good progress" has been made in recent days.
FSCS says top 110 firms will pay a £3m levy in 2019/20
Scheme publishes forecasts for the 2019/20 levies, with over half of companies paying less than £50.
FSCS makes first compensation payments to clients of Lamp
Payments made to clients who had outstanding property damage claims at the time of the insurer’s collapse.
Quizzical questions: 28 June 2019
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FSCS paid out £473m in compensation in 2018/19
A total of 371,000 premiums were returned following the collapse of unrated Danish provider Alpha.
Quizzical questions: 31 May 2019
Test your knowledge of the week's news with our topical quiz.
FSCS to pay out £6.9m to taxi drivers affected by Alpha collapse
Organisation to refund 9,000 commercial taxi drivers who were insured by Alpha via its broker MGA Capital Underwriting Agency.
Lamp’s proposed liquidation sparks debate on insurer stability and ratings
Members of the legal expenses market believe that brokers should look at more than just a firm’s rating when trying to find insurance, referencing location, stability and capital adequacy ratio.
Brokers warned over admin fees and commission
DAC Beachcroft said analysis of FCA studies found that firms do not have sufficient focus on customers.
Three insurance firms on FSCS insolvency list
List includes payment protection specialist British Insurance which was bought by Towergate in 2008, but stopped trading in 2011.
FSCS confirms final levy for 2019/20 at £532m
The amount is £16m more than the organisation forecast it would be back in January and relates partly to “continuing costs in some historic insurance failures”.
Qudos replacement policies reignite unrated debate
Some alternative cover for Qudos’ motor, motor add-on and pet insurance policyholders is being offered through two unrated insurers.
FCA proposes £537.7m fee budget for 2019/20
The figure is a 2% increase on last year’s with £29m to come from general insurance mediation.
FSCS names Caroline Rainbird as new CEO
She replaces Mark Neale who announced last year that he was to leave in May after nine years in the role.