Hampshire-based non-regulated protection network Pure Protection Network Ltd has ceased trading and been placed into liquidation with business recovery and insolvency specialists Haines Watts.
It is not known how many, if any, intermediaries the company owes procuration fees to. A spokesman for Haines Watts, said it was, ‘unable to release any information at all except to actual members of the company or agents of the firm’.
Graham Boulger, group sales director of the Paymentshield Group, commented: ‘We have warned insurers time and time again about the business practices of some of these distributors. If you are a mortgage intermediary considering placing insurance business via a network, make sure they are both ethically and financially sound.’