Alpha, Enterprise and Gable failures set FSCS back £276m

raining-money

Organisation also expects brokers to carry out the due diligence on replacement carriers.

The Financial Services Compensation Scheme (FSCS) has revealed that £276m in compensation has been paid out to customers of collapsed firms Alpha, Enterprise, and Gable.

New figures from the organisation place the price tag of each firm’s failure at £54m, £165m, and £57m respectively.

Alex Kuczynski, chief corporate affairs officer at the FSCS, disclosed the data today (10 December) at a briefing for members of the Managing General Agents’ Association.

Kuczynski also highlighted that a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Interview: Addept Group managing director Richard Finan

Addept MD Richard Finan gives Insurance Age the lowdown on his return to the market; his thoughts on changes to the MGA market in the wake of Consumer Duty; and the challenges of creating ancillary products in a post-FCA GAP intervention world.

FCA trims broker fees hike to 9.3%

The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: