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26 Jan, 2021
Triton conducted business in relation to non-investment insurance contracts for commercial and retail customers throughout the UK.
This included offering independent advice in relation to insurance arrangements covering commercial and industrial property, household and other types of insurance policies.
The firm is alleged to have provided policy documents to customers on behalf of underwriters which they were not authorised to sell.
Discussions with FCA have confirmed the firm continued to sell policies to customers despite having their agency agreements with underwriters terminated resulting in customers purchasing invalid insurance.
The firm is also accused of withholding customer premiums that should have been paid to underwriters.
FCA became aware of issues with Triton in 2019 and started enforcement proceedings against the firm on 17 February 2020 to remove it from the FCA register and formally dissolve the firm.
Confirmation has now been received from FCA that Triton will be dissolved from 26 January 2021 and are no longer authorised to conduct Insurance related business. The firm’s permissions have now been formally removed.
FSCS has been meeting with FCA & FOS in relation to on-going and potential claims and can now confirm FSCS is open to claims from customers of Triton that have claims against the firm.