Written question asked by Peter Heaton-Jones (Conservative) on Thursday, 24 October 2019, in the House of Commons. It was due for an answer on Tuesday, 29 October 2019 (named day). It was answered by John Glen (Conservative) on Tuesday, 29 October 2019 on behalf of the Treasury.
Alpha Insurance
- Question
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To ask the Chancellor of the Exchequer, what assessment he has made of the effect on Alpha insurance customers of the decision by the Financial Services Compensation Scheme to award only premium insurance refunds to those people following the bankruptcy of that company.
- Answer
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The Financial Services Compensation Scheme (FSCS) protects customers when a financial services firm fails, and is independent from government and industry. It is accountable to both the Financial Conduct Authority and Prudential Regulation Authority for the effective operation of the scheme.
Her Majesty’s Treasury has conducted no formal assessment of the effect on the customers of Alpha insurance of the decision taken by the FSCS to award return of premium refunds following its insolvency. The rules setting out the operation of the scheme allow for premium refund compensation, where a suitable replacement provider cannot be found to take on the policies of an insolvent firm.
Secondary information
- Type
- Written question
- Reference
- 5079
- Session
- 2019-19
- Subjects
- Compensation Insolvency Repayments Financial Services Compensation Scheme Alpha Insurance
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2024-11-22 12:43:59 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/commons/2019-19/5079
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