FSA warns policyholders about unauthorised insurance company
11/12/2003
The Scottish Court of Session in Edinburgh, on the petition of the Financial Services Authority, appointed Dan Schwarzman and Bruce Cartwright of PricewaterhouseCoopers (PWC) as the Joint Provisional Liquidators of Tribune Risk and Insurance Services Limited (Tribune) on 10 December 2003. Tribune offered various types of general insurance and was operating without authorisation from the FSA. The company has no reserves or provisions in place to meet any claims which might be made or already have been made. The majority of policies relate to home insurance.
The FSA is therefore warning around 40,000 policyholders who have taken out household and buildings insurance with Tribune (other than those holding Tribune Diamond policies) that they are likely to have no effective cover. We would urge all policyholders with a Tribune household insurance policy to contact their insurance broker or agent immediately to arrange replacement cover. The provisional liquidators have set up a Helpline. Any queries, including in respect of outstanding claims, should be addressed to the Helpline on 0870 164 8120
Notes for editors
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.
The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.