FCA cancels Insure 24/7’s permission

Company fails to provide required information to regulator

FCA cancels Insure 24/7’s permission

Insurance News

By Terry Gangcuangco

Manchester-based insurance broker Insure 24/7 Limited, which trades as Insure 24-7, has lost its permission to carry on regulated activities, including assisting in the administration and performance of insurance contracts.

In its notice of decision dated August 23, the Financial Conduct Authority said: “Insure 24/7 has failed  to submit the [complaints and retail mediation activities] returns to the Authority. The Authority therefore considers that Insure 24/7 has failed to provide information to the Authority as is required by the handbook, namely the information it is required to provide in the returns.

“On June 27, 2023, the Authority gave Insure 24/7 the notice which stated that: (a) it appears to the Authority that Insure 24/7 is carrying on no regulated activity to which its Part 4A permission relates; and (b) the Authority may take action to cancel Insure 24/7’s Part 4A permission unless it responds to the notice in the manner specified in the directions to the notice.”

After Insure 24/7 failed to respond, the regulator issued a further notice in July, outlining the steps the company needed to take if it didn’t want its permission to be cancelled. Similarly, Insure 24/7 failed to take the required steps – prompting the FCA to go ahead with the cancellation.

Meanwhile, the regulator said: “If Insure 24/7 is aggrieved by the decision to cancel its Part 4A permission as set out in this notice of decision, Insure 24/7 may make an application for an annulment of the Authority’s decision under paragraph 4 of Schedule 6A to the [Financial Services and Markets Act 2000].

“Insure 24/7 must submit a completed application for an annulment of the Authority’s decision to the Authority by August 22, 2024 and in the manner specified by the Authority. Insure 24/7 does not have a right to refer the decision to give this notice of decision to the [Upper Tribunal (Tax and Chancery Chamber)].”

According to documents seen by Insurance Business, Insure 24/7’s net assets as of the end of May 2022 stood at £50,035.

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