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Protection with the Financial Services Compensation Scheme

 

The Financial Services Compensation Scheme, the FSCS for short, is a scheme that all companies directly authorised are required to pay into. The concept being that if a financial services company is no longer able to or is unlikely to be able to meet their obligations towards customers and policy holders, the scheme will make sure that they are not left unprotected. Almost like the way in which holiday companies pay into ABTA to ensure that if a holiday company falls into difficulty, holiday makers are not left stranded.

 

The Government has recently been heavily publicising the benefit of making sure that any financial product you buy is covered by the scheme in Radio, TV and press advertising campaigns. The most striking being the likening of the FSCS as being the metaphoric equivalent to a motorbike helmet in that you hope never to have to use it and find out just how good it is but it is reassuring and important to know that it is there just the same.

 

The FSCS Website describes itself as "the compensation fund of last resort for customers of authorised financial services firms." (taken from the FSCS Website November 2014). The FSCS covers not only insurance policies but also bank and building society accounts to pensions and credit unions.

 

Total Loss Gap Insurance is as far as the FCA and FSCS concerned classed as a non-compulsory insurance in that while we hope you will agree protection makes sound financial sense, there is no legal requirement for you to protect yourself with a policy. This means that should the worse ever happen and our underwriters are not financially able to settle your claim your policy would be covered under the Financial Services Compensation Scheme. This would cover up to 90% of your claim with no maximum or upper claim limit.

 

We stress that our underwriters are in excellent financial health and there is no reason what so ever to even think that you would ever need to call on the back up of the FSCS however just as the recent advertisement campaigns suggest it's reassuring to know that it is there just in case.

 

PLEASE NOTE

Total Loss Gap policies purchased from 2/2/2016 are underwritten by Qudos Insurance A/S.

 

As from the 19th March 2018 policies are now underwritten by Acasta European Insurance Company Limited.

Acasta European Insurance Company Limited policies are covered by the financial services compansation scheme established under the Financial Services and Markets Act 2000. If the Insurer is unable to meet their obligations under this insurance, an Insured Person may be entitled to compensation from the Compensation Scheme.

 

Qudos Insurance A/S is covered under the Forsikrings Garantifond and this is your first point of claim for financial compensation in the event of any financial failure of the Insurer. Cover also exists under the Financial Services Compensation Scheme. This provides compensation in case any of its members are unable, in specified circumstances, to meet any valid claims under their policies. Under this scheme 90% of the total claim will be met (100% if the insurance is legally compulsory).

 

Compensation is only available to commercial customers in limited circumstances. Further information can be obtained from the Insurer, or from the Financial Services Compensation Scheme at the following address:


Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London, EC3A 7QU. Tel: 0800 678 1100 or 0207
741 4100.