| Link(s): | FCA secures bankruptcy order against Arthur Temlett | FCA Financial Conduct Authority places restrictions on Arthur Temlett | FCA |
Context
The FCA has asked the Court to make Arthur Temlett, trading as Abacus Insurance Consultants (‘Abacus’), bankrupt. This is known as sequestration in Scotland. The Sheriff granted the FCA’s application on 27 August 2026.
Key points to note and next actions
- In January 2025 the FCA said it was concerned that the firm may have been selling motor or home insurance products without passing the premiums to the insurance provider.
- Consequently the FCA placed restrictions on the firm with it being unable to carry out any regulated activities.
- The FCA stated that Mr Temlett is awaiting trial on embezzlement charges following an investigation by Police Scotland.
- The FCA also applied to the court to make the broker bankrupt, with the application being granted on 27 August 2026. Aver Chartered Accountants have been appointed as Trustee, to review Mr Temlett’s financial affairs and return any recovered funds to creditors.
- The FSCS has opened for claims from Mr Temlett’s customers, and has confirmed they are working with Police Scotland to gather relevant information.