Liquidators working with the FCA to return client funds
Managing general agent AccessBI has entered into liquidation, official public records reveal.
At a meeting on 29 April it was found that the company could not continue its business and would need to be wound up.
The cause of the liquidation is that the company’s liabilities exceed its assets.
AccessBI found itself under investigation by the FCA in March, after it emerged it had been issuing policies using the name of Catlin, but without the Lloyd’s insurer’s authority.
Previous Catlin policies relating to care homes had expired at the end of 2012.
At the time Giles and James Hallam were among the brokers who had placed business through AccessBI and had been trying to find new cover for their clients.
AccessBI, which is part of Access Risk Management Group, had sent a letter to the brokers telling them the MGA was being investigated by the FCA.
The MGA then closed down its insurance platform and had all its client accounts frozen until the conclusion of the investigation.
The liquidators said they are working with the FCA and the directors to return client funds as early as possible.
Fiona Yvonne Rae and Kevin Lucas of Lucas Johnson Limited have been appointed as the company’s liquidators.
They will now be recovering the company’s assets to pay creditors back.