FSCS protects individuals and small businesses against UK risks. FSCS covers business conducted by firms authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). European firms (authorised by their home state regulator) that operate in the UK may also be covered.
FSCS does not cover all policies or policyholders. For example:
The maximum level of compensation for claims against firms is 90% of the agreed claim with no upper limit. FSCS protects certain compulsory insurance (such as employer’s liability and motor third party risks) at 100% (to the full extent of the policy cover).
The limit is laid down in the rules set for FSCS by the Financial Conduct Authority (FCA). There is no upper limit to our level of protection for insurance claims, although there may be financial limits and other terms expressed within the policy of insurance that will still apply.
In the first instance you should contact the insurance broker who helped place your insurance with Millburn.
Begbies Traynor have arranged for your existing claim to be processed by Certo Loss Adjusters. You should contact them for more information. Their contact details are: Certo Loss Adjusters, Rawdon Court, 20 Leeds Road, Leeds, LS19 6AX. T: 0113 3879000 Website: www.certoclaims.co.uk
You will need to complete an FSCS application form and this can be obtained from Certo (contact details are listed above). The form should be completed and returned to FSCS. We will then advise you promptly whether you are entitled to FSCS protection.
FSCS protects individuals and small businesses. If your business had an annual turnover of less than £1m at the time that you purchased one of these policies we should be able to help you. Where we can help, protection will be at 90% of the value of the claim under the policy (our protection is unlimited but if the policy contains a financial limit we have to apply that limit).
If you are a business that purchased compulsory employers liability cover, you will be protected for claims under that cover whatever your annual turnover. We do not protect credit or goods in transit insurance.
Yes. Since 2001, FSCS has paid out more than £26bn to more than 4.5m people. The financial services industry funds us through a compulsory levy. We can levy the industry for the costs of claims.
Millburn entered administration on 9 December 2013. Unfortunately, if you cancelled your policy before this date, FSCS will not be able to help you with any claims that occurred after the policy was cancelled. This is because you no longer have a valid insurance contract with the company.
Each claim is assessed on its own particular circumstances. However, FSCS will work with the Administrators to ensure that outstanding claims are processed as quickly as possible.
Any queries relating to policies should be directed in the first instance to your insurance broker, but you may also contact the Administrators at Begbies Traynor of 32 Cornhill, London, EC3V 3BT or firstname.lastname@example.org.
Any queries relating to claims should be directed in the first instance to Begbies Traynor at the address above. If you are a UK policyholder Begbies Traynor will have asked Certo Loss Adjusters to manage your claim on their behalf and you can contact Certo by telephone on 0113 387 9000 or email: email@example.com
We will aim to pay hardship claims as a priority.
We do not charge consumers for using our service.
Consumers should be aware claiming compensation from FSCS is free and each application is judged on its merits. Some people may prefer to pay a third party to submit their claim for them.
However, claims management companies can take a sizeable part of the possible compensation and are no more likely to make a successful claim than consumers can on their own.
The policy wording will state the circumstances in which policyholders can cancel a policy and when a refund of premium can be paid. This may not be possible in all circumstances and you should check your policy wording.
If the policyholder paid for the premium with a credit card, they can ask the credit card company to reimburse them for their loss under Section 75 of the Consumer Credit Act 1974 for premiums payments between £100 and £30,000. Policyholders should speak to their credit card company about whether they can help.
In the first instance, you should contact Begbies Traynor and request a review of your claim.
This payment is compensation for the unexpired part of the premium you paid for your policy with Milburn. It is based upon how much you paid for your policy and how long was left between the date of cancellation and when the policy was due to expire.
FSCS have been advised by the administrators of Millburn Insurance Company Ltd of the amount you are entitled to under the terms of your contract of insurance. Under our rules we are able to refund 90% of this figure. The following is an example of how FSCS would calculate a return of unexpired premium claim:
You will have received a letter early in 2014 advising you of the cancellation of your policy. Any cover would have ended at that time. If you need advice about taking out a new policy, you should speak to your insurance broker.
Full policy data was not held by Millburn but by various insurance brokers. These records had to be verified by the administrator against the records that the company did hold.
We are paying you the amount confirmed to us by the administrators of Millburn (Begbies Traynor). If you disagree with this amount you should either contact your insurance broker, or Begbies Traynor on tel: 020 7516 1542 or via email on firstname.lastname@example.org.
FSCS does not hold details of the type of policy you took out. You may wish to contact the insurance broker who arranged the policy with you.