Abbey Protection granted ABS licence after delay

Legal fees insurance provider Abbey Protection has been granted an alternative business structure (ABS) licence under the Legal Services Act 2007.

The Solicitors Regulation Authority (SRA) granted Abbey Protection the licence yesterday. The licence is effective from 1 January.

The licence will allow Abbey to own a law firm or employ lawyers who offer legal services to its customers.

Delay

Abbey reported in its half-year results in September that the granting of the ABS licence had been delayed.

The company said at the time: “We are still awaiting final authorisation by the SRA of our alternative business structure licence, which will enable us to deliver a wider range of legal services, although we remain hopeful that the technical issues delaying the process will be resolved shortly.”

Abbey group managing director Chris Ward told Insurance Times shortly after the results had been released: “Until we are granted the licence, there is nothing we can do about any plans we may have about acquiring a law firm or expanding our own services. But both of those things remain firmly within our plans.”

Restructuring

As a result of the licence, Abbey Protection Group Ltd (APG Ltd), the part of the company that holds the licence, will partially restructure.

On 1 January 2013, the trading divisions of Abbey Tax Protection and Accountax will be transferred from APG Ltd to a newly formed, wholly owned subsidiary of APG Ltd called Abbey Tax & Consultancy Services Ltd. From that date, these businesses will trade as divisions of Abbey Tax & Consultancy Services Ltd.