FSCS pays £26m for Enterprise collapse

Insurance Post reports that the Financial Services Compensation Scheme (FSCS) has paid out over £26m in compensation on claims following the collapse of Enterprise Insurance.

According to the report, the FCSC said it has provided compensation to more than 30,000 policyholders, including over £17.6m for motor policy claims.

FSCS CEO Mark Neale said, ‘We are continuing our work to ensure policyholders are not out-of-pocket. For most policyholders this involves making return of premium payments via their broker, or finance company. They in turn, are transferring their Enterprise business to an alternative insurer.’

Enterprise was ordered to wind up business in July after being found to be ‘hopelessly insolvent’ by a Gibraltar court.