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Warning issued over unauthorised insurer

The Financial Conduct Authority (FCA) has issued a warning over insurance firm Halifax and Penn which it believes has been carrying out services without authorisation.



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The FCA issued the warning yesterday, February 13, and said: “This firm is not authorised by us and is targeting people in the UK.

 

“Based upon information we hold we believe it is carrying on regulated activities which require authorisation.”

 

Halifax and Penn, based in Halifax, offers life, travel, car and home insurance as well as reinsurance.

 

The regulator said some firms act without its authorisation and some knowingly run investment scams.

 

It therefore directed consumers and businesses to find out why they must be especially wary of dealing with this unauthorised firm and how to protect themselves from scammers.

 

The Financial Services Compensation Scheme (FSCS) has stated it will not compensate customers if this firm, acting without authorisation, fails.

 

The Financial Ombudsman Service also said it will not be able to settle any disputes with this firm.

 

Halifax and Penn could not be reached for comment.

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