Post: Financial Conduct Authority places restrictions on Arthur Temlett

The FCA has taken action to protect consumers by stopping Arthur Temlett, trading as Abacus Insurance Consultants, from carrying out any regulated activities, including acting as an insurance broker.

The FCA is concerned that Abacus Insurance, which was based in Dumfries and Galloway, may have been selling home/motor insurance and not passing premium payments on to the insurance provider. Having a valid insurance policy is essential, and customers affected may be concerned about whether cover they have paid for is in place.

Advice for Consumers
The FCA is working with the relevant authorities to assess the situation.

Customers who purchased car and home insurance from Arthur Temlett should contact their insurance providers directly to check that it is valid and in place. If they are uninsured, they should arrange alternative cover immediately.

Alternative insurance can be bought directly from an insurance firm or arranged via an insurance broker. The British Insurance Brokers’ AssociationLink is external offers a service for customers who need help finding an authorised broker.

Anyone who believes they have paid for a policy that does not exist should report this to Police Scotland in the first instance by dialling 101 and using the crime reference number: CR/0470100/24 before making a report to the FCA.

We are in the early stages of assessing the number of customers who took out investments with Abacus Insurance, so we do not have further information at this stage. We would encourage customers to make a report to Police ScotlandLink is external in the first instance using the crime reference number: CR/0470100/24 before making a report to the FCA.

We will update this page with further details once we know more.

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