Payouts to Enterprise policyholders underway

Compensation for the estimated 46,000 UK Enterprise policyholders has begun this week, the Financial Services Compensation Scheme (FSCS) has confirmed.

This comes after liquidator Freddie White of Grant Thornton terminated motor policies with Enterprise yesterday (26 October).

Compensation is automatic and policyholders do not need to do anything to claim due payments.

Meanwhile, investigations by the Gibraltar Financial Services Commission (GFSC) have begun into the company, which it has accused of ‘significantly and consistently’ misleading it regarding its financial position.

Peter Taylor, director of legal enforcement and policy, GFSC, said, ‘The GFSC is shocked by the extent of the collapse of Enterprise. We have reason to think we may have been seriously misled. The board is ultimately responsible for Enterprise’s actions. We consider it is critical for the reputation of Gibraltar to determine the extent to which any of the directors need to be held to account for what has occurred. We must get to the bottom of what has happened here and we will.’