FSCS confirms it has helped transfer 165,000 policyholders to new insurers

Thousands of Qudos customers have had their motor, GAP, and pet insurance policies transferred to new companies. 

The unrated Danish insurer went bust in December last year, leaving around 165,000 policyholders without cover. The Financial Services Compensation Scheme (FSCS) has since worked with brokers to provide alternative cover.

”More than 117,000 affected eligible warranty and GAP policyholders will have received a replacement policy from Tobell or Car Care Plan Ltd (CCP) that matches the level of cover provided by their Qudos policy and ensures uninterrupted cover for their vehicle,” an FSCS statement said.

Qudos’ 45,000 motor and motor add-on policies received replacement policies from Adrian Flux Insurance Services, with Trinity-Lane as insurer.

The remaining 900 pet policies have been placed by Trent-Services.

FSCS chief operating officer Jimmy Barber said it was good news for the thousands of Qudos customers. ”They do not need to worry about not having insurance in place as we have secured continuity of cover for them. We have worked closely with the insolvency practitioner, the Danish Guarantee Fund and the Danish FSA to protect those affected. This is the best result possible for these customers.”