The FCA has stopped Arthur Temlett, trading as Abacus Insurance Consultants (FRN 118204), from carrying out regulated activities, including acting as an insurance broker, after it appeared that premiums from clients were not being passed on to insurers. 

The regulator said it has taken the action to protect consumers.

It said it was concerned that Abacus Insurance, which was based in Dumfries and Galloway, may have been selling home/motor insurance and not passing premium payments on to insurance providers.

People who take premiums for fake policies are known as ghost brokers.

The FCA said: “Having a valid insurance policy is essential, and customers affected may be concerned about whether cover they have paid for is in place.”

The regulator said it was working with the relevant authorities to assess the situation.

It advised customers who bought car or home insurance from Arthur Temlett to contact their insurance providers directly to check that their cover was valid and in place.

It said: “If they are uninsured, they should arrange alternative cover immediately. Alternative insurance can be bought directly from an insurance firm or arranged via an insurance broker.”

According to the FCA Register, Abacus Insurance Consultants had been authorised since 2001. It traded as Abacus Insurance Consultants from February 2014 and registered the name Arthur Temlett in September 2020.

Arthur Edward James Temlett is listed on the Register as being a CF1 director from December 2001 to December 2019, a CF21 Investment Adviser from December 2001 to Oct 2007, and CF10 Compliance Oversight from May 2012 to December 2019.

Anyone who believes they have paid for a policy that does not exist should report it to Police Scotland in the first instance by dialling 101 and using the crime reference number: CR/0470100/24 before making a report to the FCA. 

The FCA said in a statement: “We are in the early stages of assessing the number of customers who took out investments with Abacus Insurance, so we do not have further information at this stage. We would encourage customers to make a report to Police Scotland.”