FSCS ensures thousands of Qudos customers receive replacement insurance policies
The Financial Services Compensation Scheme (FSCS) has worked with brokers to transfer around 165,000 Qudos motor and pet insurance policies to new insurers.
Since the collapse of the Danish-based insurance company in December 2018, FSCS has been working to secure alternative insurance cover for these motor, guaranteed asset protection (GAP) and pet insurance policyholders.
FSCS has been working with brokers Tobell Insurance Services Ltd, Adrian Flux Insurance Services Group, Trent-Services (Administration) Ltd, the Qudos insolvency practitioner and the Danish Guarantee Fund.
More than 117,000 affected eligible warranty and GAP policyholders will have received a replacement policy from Tobell or Car Care Plan Ltd (CCP) that matches the level of cover provided by their Qudos policy and ensures uninterrupted cover for their vehicle.
Just over 45,000 affected eligible motor and motor add-on policyholders will have received a replacement policy from Adrian Flux Insurance Services Group. The new insurer is Trinity-Lane Insurance Company Ltd.
FSCS has also been working with Trent-Services (Administration) Ltd to replace just over 900 eligible pet insurance policies where a return of premium is due. The new insurer is ETU Forsikring A/S, based in Denmark. Affected policyholders will have received a letter and documents from Trent-Services (Administration) Ltd outlining the details of the replacement of their policies.
Jimmy Barber, FSCS Chief Operating Officer, says:
“This is good news for many thousands of Qudos customers. They do not need to worry about not having insurance in place as we have secured continuity of cover for them. We have worked closely with the insolvency practitioner, the Danish Guarantee Fund and the Danish FSA to protect those affected. This is the best result possible for these customers.”
Any policyholders who have not received a letter from Adrian Flux Insurance Services Group can contact it on 0344 381 6502 for Adrian Flux Insurance Services policyholders or 0344 381 4575 for Flux Direct policyholders.
Tobell and CCP are issuing the replacement policies either by email or by post. Any policyholder who does not receive a letter or email from Tobell or CCP by 15 April 2019 should contact Tobell by emailing email@example.com or CCP at replacementpolicy@CCP.co.uk.
Any policyholders who have not yet received a letter from Trent-Services (Administration) Ltd should contact it by telephoning 01285 626020.
Qudos provided a range of insurance policies to the UK retail and commercial market covering motor insurance, GAP insurance, pet insurance, warranty insurance, accident, sickness and unemployment insurance.
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