24th May 2006
We have been made aware by the Financial Services Authority (FSA), that some consumers who arranged insurance policies through Chapel Finance Ltd may not have an insurance policy in place.
The FSA has confirmed that Chapel Finance Ltd is in Administration, and suspects that the premiums paid to them by some of their customers may not have been passed on to the intended insurer. This means that those customers affected may not have insurance cover.
FSCS may be able to help customers of Chapel Finance Ltd if the firm is unable to pay claims against it. For example FSCS may be able to help if you paid premiums to Chapel Finance Ltd, but it did not set up an insurance policy and cannot now return the money you paid to it.
What you should do
The first thing you should do is contact the insurer that is named on any policy documentation you may have, to confirm that insurance cover is in place.
If you believe that you do not have valid insurance cover for which premiums have been paid to Chapel Finance Ltd, you should contact our Customer Services Team.
The role of FSCS
The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable to pay claims against it. The Scheme was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and mortgage business.
We are an independent body and provide a free service to consumers.