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FCA cancels insurance broker’s authorisation urging customers to check cover

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  • 28/11/2018
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FCA cancels insurance broker’s authorisation urging customers to check cover
Customers of insurance broker Larksway Investments have been urged to check the validity of insurance policies by the Financial Conduct Authority (FCA), as the regulator cancels the firm's authorisation.

 

The regulator stopped the firm, now in liquidation, from providing consumer services in September last year, after concerns over the way Larksway was handling premiums paid by customers.

The FCA said the broker failed to deal in an “open and cooperative” way over worries it could also not meet financial liabilities and properly operate banking arrangements.

At the end of last year a winding up order was made against Larksway, with Critchleys LLP appointed as its liquidators in February 2018.

All of the company’s assets and liabilities have been passed onto the liquidators.

Consumers should now check the policies against the firms that they believe they are held with, the regulator said.

Larksway was initially referred to the FCA’s Enforcement and Market Oversight Division in 2016 because it had failed to comply with a Financial Ombudsman Service decision made in 2014 in favour of a customer.

The FCA yesterday cancelled Larksway’s authorisation and any complaints against Larksway can be made to the liquidators.

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