Financial Compensation Scheme (FSCS)
Broker contributions to FSCS slashed as forecast levies are revised down
The Financial Services Compensation Scheme has issued final levies for 2022/23 of £5.3m for brokers and £211.7m for insurers, down significantly on initial estimates.
Penny Black's Social World: December 2020
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FSCS pays £5.6m to cover first 100 Elite claims
Following insurer Elite entering administration the Financial Services Compensation Scheme has paid out £5.6m towards claims.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
Unsecured creditors of Elite face around £70m shortfall
Elite’s administrators expect around £315m in unsecured claims, but have identified under £246m in assets available.
FSCS set to cut levy for insurers as broker bill rises in 2020/21
The Financial Services Compensation Scheme has proposed a levy on general insurance providers of £118m for 2020/21, down £47m on the budget for the current year.
CBL Corporation delists from New Zealand Stock Exchange
CBL Corporation has delisted from the New Zealand Stock Exchange, effective from close of play today.
Lamp liquidator disclaims further policies
Lamp Insurance’s liquidator has disclaimed health and guaranteed asset protection policies supplied through two brokers.
CRL ceases writing new business following Alpha collapse
CRL, which recently failed to rehome 20,500 Alpha Insurance structural and latent defects policies, is no longer writing new business.
This week: Winners and lasers
Nothing says team building quite like stumbling around a dark maze, falling headfirst into mirrors and haphazardly shooting lasers at your colleagues. Or so the democratic vote we held a few weeks earlier decreed.
Enterprise claims predicted to reach £319m
Enterprise insurance claims are predicted to hit £319m in total, with insurance creditors such as the Financial Services Compensation Scheme potentially receiving a 30% dividend.
Replacement cover for 30,000 former Alpha policyholders in jeopardy
Broker CRL had found a replacement insurer to take on almost 30,000 Alpha policies, but the potential suitor has raised “several last-minute issues” that are holding up a deal.
CRL deadline to transfer Alpha policies pushed back again as talks continue
CRL is making “good progress” in talks to move its Alpha policyholders over to another insurer and has seen its deadline pushed back.
FSCS raised supplementary £14m levy following Alpha collapse
The FSCS was forced to raise a supplementary £14m levy in January to cover the cost of the collapse of Alpha Insurance, according to its annual report.
Lamp customers see first FSCS pay outs
The Financial Services Compensation Scheme has today made its first payments to policyholders affected by the collapse of Lamp Insurance.
CRL identifes potential alternative insurer to take on Alpha policyholders after missed deadline
BCR Legal Group appointed representative CRL failed to find an insurer to take on its Alpha policies by the May deadline set by the Financial Services Compensation Scheme, but it has been given more time as the firm has a replacement in its sights.
FSCS will assist policyholders following Lamp collapse
The Financial Services Compensation Scheme will protect customers of Lamp Insurance following the unrated insurer’s demise.
General insurers see FSCS levy increase £1m more than expected for 2019/20
The Financial Services Compensation Scheme has revealed that its levy for 2019/20 will be £532m over a twelve month period, £16m more than planned, with general insurers paying an extra £1m than anticipated.
CRL ‘making progress’ in placing Alpha policies as FSCS extends deadline
The Financial Services Compensation Scheme has given CRL Management an extra two weeks to find an alternative insurer for its customers that were insured by collapsed Alpha Insurance.
Extra FSCS bill the ‘last thing that brokers need’: Biba
The British Insurance Brokers’ Association has hit out over an extra Financial Services Compensation Scheme bill that firms will have to pay in February.
FSCS to pay out for claims against failed insurance and marketing intermediary
The Financial Services Compensation Scheme is satisfied that a former insurance and marketing intermediary is in default, meaning that customers will be able to apply to claim compensation.