Insurance provider Core Cover Ltd has failed after entering voluntary liquidation and being dissolved earlier this year, the Financial Services Compensation Scheme has announced.
Core Cover, formerly Study Safe Ltd until September 2018, was announced to have failed by the FSCS yesterday (October 10).
The FSCS added that Core Cover, which traded as Lifecover.com, Secured-Loan.online, Health Core PMI, and acceptedmoney.co.uk, entered voluntary liquidation in March 2022 before being dissolved in June 2023.
So far, one claim has been upheld against the provider relating to life insurance.
The St. Albans based firm was first incorporated in April 2016.
It comes after the Financial Conduct Authority found "significant failings" in the life insurance market.
The FCA specified that this included very long waiting times/settlement delays, and weak identification of vulnerable customers.
As a result, it set out its consumer duty priorities for the market over the next two years.
It also reminded firms to take all necessary steps to ensure consumer duty requirements are met.
Additionally, the authority stated that a “significant” part of its activity over the next two years will be to test firms against its priorities and expectations.
It will also be specifically engaging with smaller firms to understand how they are meeting consumer duty requirements and delivering good customer outcomes "in a sustainable way".
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
