12th December 2013
The Financial Services Compensation Scheme (“FSCS”) is stepping in to protect customers of Millburn Insurance which is now in administration.
FSCS is working closely with the administrators, Neil Mather and Christopher Morris of Begbies Traynor, to protect Millburn’s UK customers after declaring it in default and to determine the extent of our involvement.
We will provide updates when more information becomes available.
Millburn was authorised by the Prudential Regulation Authority (“PRA”). FSCS may protect policyholders’ claims against the company. In certain circumstances FSCS may also protect non-UK policyholders where their policy was issued by Millburn in the UK.
FSCS covers compulsory insurance (i.e. employer’s liability insurance and third party motor cover) in full with no upper limit subject to policy terms. It covers 90% of non-compulsory classes of insurance with no upper limit subject to policy terms.
FSCS will work with Begbies Traynor to ensure that outstanding claims are processed as quickly as possible.
In certain circumstances, we may also be able to assist with the loss of any premium you may have paid. However, we recommend that you take expert advice before making any decision to cancel a policy.
We will publish updates as more information becomes available.