In what is believed to be the first insurance broker to enter administration since the FSA took over regulation of the industry in February, BPS Insure today appointed Begbies Traynor as administrators.
Begbies’ appointment follows a decision by the FSA to withdraw BPS’ permission to sell new policies.
Neil Mather and Lloyd Biscoe, joint administrators, have arranged for all BPS business to be transferred to Towergate Underwriting Group, a specialist underwriter that provides insurance policies for selected scheme and niche markets. All 86 BPS staff members have been transferred to Towergate.
Mather said that the new owners would investigate whether any of BPS’ 20,000 policyholders had been left without cover as a result of the company’s failure.
He added that administrations among insurance brokers had been rare, but occurrences had increased since the relaxation of administration rules under the Enterprise Act in 2003.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016