The Financial Conduct Authority (FCA) has removed Triton Insurance Brokers Ltd’s permission to conduct regulated business in the UK, including arranging insurance contracts.
Reasons for the action – which may be subject to challenge by the Grimsby-based insurance broker – were not cited. However, it is outlined on the Financial Services Register that Triton must provide the regulator with a detailed statement of all insurance policies it brokered from January 31, 2019, as well as refund the insurance premiums that the company has not remitted to insurance firms.
Triton is ordered to accomplish the abovementioned requirements by close of business on March 09.
Meanwhile customers who have purchased an insurance policy through Triton are advised to check the validity of their policy with the insurer responsible for paying out in the event of a claim. This information can be found on the policy schedule.
“If you find that you do not have a valid insurance policy, you should consider obtaining an alternative insurance policy if you are able to do so,” said the FCA in an advisory for consumers. “If you have paid premiums but do not have a valid insurance policy in place, you should first complain to Triton directly.
“Triton must respond to complaints in writing within eight weeks telling you whether your complaint has been successful or why they need more time to look into it. If you are not happy with the firm’s response, or if you cannot make contact with Triton, you can ask the Financial Ombudsman Service to consider your complaint.”
In addition, those with valid policies must liaise directly with the insurer to pay future premiums or to make a claim.
Triton brokered home, commercial, and industrial property insurance.
