FCA issues customer guidance after broker enters administration

FCA has issued Q&A for customers after Verex Insurance Services, a firm which sold motor insurance products, entered administration alongside one of its ARs . The guidance explains to concerned customers that insurance policies purchased through a broker remain valid on the broker’s administration, and that, although FSCS provides coverage to insurance brokers, FCA is not currently expecting there will be any claims on FSCS. The business has been acquired by Car Care Plan. FCA has provided all the contact details set up by the administrator.

Emma Radmore