FSCS ensures 165,000 Qudos customers get replacement insurance

Financial-Services-Compensation-Scheme-helps-Qudos-customers-to-find-new-insurance-arrangements

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.”