The FCA says it is working with the relevant authorities over the situation
The FCA has stopped Arthur Temlett, trading as Abacus Insurance Consultants, from carrying out any regulated activities.
The regulator said it was concerned that Abacus Insurance, based in Dumfries and Galloway, may have been selling home or motor insurance and not passing premium payments on to the insurance provider.
As a result, restrictions have been placed on the firm, with it not allowed to carry out any regulated activities, including acting as an insurance broker.
The FCA said it was also working with the relevant authorities to assess the situation.
“We are in the early stages of assessing the number of customers who took out investments with Abacus Insurance, so we do not have further information at this stage,” it said.
Advice
The FCA also urged customers who purchased car and home insurance from the firm to contact their insurance providers to directly check that it is valid and in place.
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“Anyone who believes they have paid for a policy that does not exist should report this to Police Scotland in the first instance by dialling 101 and using the crime reference number – CR/0470100/24 – before making a report to the FCA.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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