The Financial Services Compensation Scheme (FSCS) is stepping in to help customers of Your Health Plus Insurance Services Limited, who may have lost money after the firm went into administration. FSCS has now declared this firm in default.
FSCS may be able to pay compensation to those policyholders who paid premiums to the firm for the Safety Net insurance policy if Your Health Plus had not set up this policy. More than 100 policyholders are expected to be affected nationwide.
“We would advise anyone who has bought Safety Net insurance through this firm to check that they have insurance cover in place. If their insurance was bought on or after 14 January 2005, and they think they may have lost money, they should contact us. We may be able to help,” says Jonathan Clark, Director of Claims for FSCS. “We aim to deal with claims within six months of a firm being declared in default and we process most deposit claims within four weeks of receipt.”
FSCS is the UK’s statutory fund of last resort for customers of regulated financial services firms. It provides a free and impartial service to consumers who have claims against regulated firms that are unable to pay them (described by FSCS as being “in default”).
For claims against general insurance intermediaries FSCS can pay compensation of 100% of the first £2,000 plus 90% of the balance.
FSCS has written to policyholders of Your Health Plus Insurance Services Limited and is currently dealing with claims.
Anyone who believes they may have a claim for compensation should contact the Scheme on 020 7892 7300.“
Private Medical Insurance: News update: Oct 2007