Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Context

The FCA has published a web page in relation to the cancellation, by the FCA, of The Dental Insurance Partnership Ltd’s Permissions.  The Final Notice was published on 6 November.  The web page is essentially customer-focused.

Key points to note and next actions

• Although the Final Notice cancelling the Permission is for non-payment of fees, the notice alludes to other issues, such as a dispute with an underwriter and assets being frozen.
• The FCA’s Enforcement Division e-mailed the firm on 5^th June 2025 to confirm that, in line with a voluntary undertaking signed by the firm on 20 March 2025, an asset restriction placed on the firm applied only to the firm’s ‘Broker Account’, which contained only client money and “…which should not be used to pay the firm’s regulatory fees.”  Enforcement asked the firm whether it had any other means of paying its outstanding fees balance to the FCA.
• The Financial Services Register entry for the firm is now showing that its authorisation is revoked.
• The firm agreed to stop carrying out any regulated activities from 20^th March 2025.
• The press release which accompanies the Final Notice indicates perhaps a concern of the FCA’s part that the firm was using a non-admitted insurer in the Seychelles.  It stated that the firm sold insurance policies for dental and breast implants to clinics, dentists and individual consumers, and that “C&C Insurance Company PCC Ltd, an overseas insurer based in the Seychelles, and not regulated by the FCA or the PRA, was the insurer for some of the products sold by DIP.”
• activities or promotional material associated with the Seychelles-based entity do not reflect the operations, governance or regulatory oversight of C&C Insurance Brokers Ltd.
• The FCA is encouraging customers to contact the insurer named on their policy to check the status of their policy or claim .