Regulator’s boss Martin Wheatley (pictured) and his team order brokers to cut ties with unauthorised insurer
The Financial Conduct Authority (FCA) has ordered firms to stop selling home insurance policies from a New Zealand-based insurer.
The FCA says that Pacific Blu LP, provider of the My Home insurance policy, is not a licensed insurer.
Pacific Blu also falsely claims to be a member of the dispute resolution scheme provided by New Zealand Financial Services Complaints Limited, the FCA said.
Advisers who deal in general insurance must return their customers to the position they would be in had they not bought the policy and inform the FCA of any Pacific Blu policies sold.
The FCA said: “We are aware that the My Home policy has already been sold to consumers in the UK through one authorised general insurance intermediary. It is possible that this policy or others offered by Pacific Blu are also being sold through other general insurance firms in the UK.
“We are concerned that consumers who have taken out policies with Pacific Blu may be unaware that they have entered into an unregulated insurance contract under which there appears to be no regulatory protection.”
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