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’ Association 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 Scotland 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.
Next Steps
At this stage, consumers do not need to submit complaints to the Financial Ombudsman Service. The FCA is continuing its enquiries and will provide updates on this page, including whether consumers should contact the Financial Services Compensation Scheme.
Notes to editors
- Arthur Temlett trading as Abacus Insurance Consultants Firm Ref: 118204.
- Abacus Insurance is an insurance broker that sold motor and house insurance products from a range of insurers. Further information on the restrictions can be found on the Financial Services Register. Consumers can check the FCA consumer pages which contains a guide for using the Financial Services Register.
- Customers can use the askMID website for free to check if a specific vehicle is insured. However, this should not be relied on as evidence of cover as it is not able to confirm details of the insurer, the named policyholder, or the level of cover.
- Consumers should contact Police Scotland on telephone number 101 quoting crime reference CR/0470100/24 and must be prepared to provide personal details and information about any investments they undertook with Abacus.
- Customers can also make a report to the FCA using the contact details on the website.
- Find out more information about the FCA.