The Financial Services Compensation Scheme (FSCS) has refunded a sizeable majority of former customers of Enterprise Insurance several months after the company was declared insolvent.
The FSCS has made 33,000 return of premium payments to former Enterprise customers. This represents 75% of the total number of the failed insurer’s motor policyholders.
The compensation body said it has processed payments on all claims where the amount of the return of premium owed is known and agreed. To verify the amounts, the FSCS has been working with the liquidator of Enterprise, the brokers who placed the business and the premium finance companies.
“We have now compensated the majority of Enterprise motor policyholders, and we’re working hard to ensure those that have yet to receive their compensation do so as soon as possible,” said FSCS chief executive Mark Neale.
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Neale added: “Where payments are outstanding, this is generally because of discrepancies between the information held by the liquidator and by the responsible brokers, or because the liquidator also believes the broker still owes money to Enterprise for the policies concerned.”
Neale said the FSCS cannot pay policyholders until such issues are cleared up.
Individuals who are due a return of premium on an Enterprise policy but have not yet been refunded should contact their brokers and ask when their claims will be submitted to FSCS, the compensation body said.
Customers who are also unsure if they are covered by Enterprise should also check their policy documents and speak to their brokers, the FSCS added.
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