Financial regulator (FCA) closes the largest travel insurer in the UK after long investigation!

Birseh_

In July 2021 the FCA removed the regulatory license of URV who were the exclusive partner of Travel Insurance Facilities Ltd or better known as “tifgoup” https://www.tifgroup.co.uk. Numerous allegations were circulated and they were the subject of press attention over a dossier submitted to the FCA. 

They were the largest travel insurer in the UK having grown exponentially in recent years being known for selling cheap ‘value’ products. I think around ten million policies are year. You will have undoubtedly seen their brands such as Holidaysafe, Alpha, Insurancewith, WorldFirst, TopDog, Flexicover as well as others they acted for in an underwriting and claims capacity.

The FCA removed the license of tifgroup's insurer/partner which basically shut down their ability to market new policies. It is why so many people have seen sites such as Holidaysafe and Insurancewith report “WE ARE CURRENTLY UNDERTAKING SOME BUSINESS CHANGES RELATING TO OUR INSURER AND AS A RESULT ARE UNABLE TO OFFER NEW POLICIES OR CONVERT QUOTES AT THE MOMENT”.

When the FCA removed URV’s permissions tifgroup tried to switch insurer to White Horse in Ireland. The FCA stepped in immediately and prevented tifgroup from doing that. In response to a journalist’s question about this the FCA wrote:

“we expect all regulated firms to treat customers fairly, particularly those in vulnerable circumstances and policy holders will continue to have their polices serviced and claims met as normal”

On the 7th of December the FCA removed tifgroup’s own regulatory permissions. They are banned from:

1. carry on any services (whether regulated activities or otherwise) for, or on behalf of, an insurer in relation to claims handling; or
2. enter into any agreement with any insurance undertaking or insurance intermediary, whether domiciled in the UK or overseas, to provide any outsourced services relating to claims handling (including in relation to emergency medical assistance cases) and complaints handling on behalf of any such insurance undertaking or insurance intermediary.

With the FCA's own site adding “For the avoidance of doubt TIF must not carry on any insurance distribution activities in relation to any new Union Reiseversicherung AG (‘URV’) or White Horse Insurance Ireland dac (‘White Horse’) policies for any customer resident in the UK” https://register.fca.org.uk/s/firm?id=001b000000MfUyuAAF#what-can-this-firm-do-restrictions

This is from the FCA’s own site and it is VERY clear they cannot sell an insurance contract, broker one, handle a claim or carry on any “regulated activities or otherwise” to quote the FCA. They are closed, shuttered, dead as far as any FCA regulated activity is concerned. You should also know that Tifgroup’s medical director is now being prosecuted by the GMC.

https://www.thetimes.co.uk/article/insurance-firm-doctor-made-mind-blowing-claims-to-avoid-airlifting-patient-jf92jdvh7

Birseh_

If there is any doubt about the nature of what we are dealing with here and the battle some families have faced with tifgroup. A national newspaper about to take up the challenge with some legacy cases. 

https://twitter.com/TravelInsForum/status/1468899879045021701
https://twitter.com/TravelInsForum/status/1470346355717595136