FSCS to protect customers as MCE’s Gibraltar MGA fails

The Financial Services Compensation Scheme (FSCS) has vowed to protect customers of MCE’s failed Gibraltar-based MGA, which entered into administration on 19 November 2021. 

MCE’s broking operation, which recently struck deals on renewals with Sabre Insurance and broker Adrian Flux, is not part of the administration. 

Customers unsure of their position are being urged to contact MCE.

FSCS chief customer officer Sarah Marin said: ”We are in the process of identifying how many UK customers are affected by the failure of MCE Insurance Company. We are working closely with the administrators to make sure that all eligible policyholders are protected.

“FSCS will protect the majority of UK-based customers of MCE Insurance Company Limited who are individuals or small businesses with an annual turnover of less than £1m. 

“We want to reassure MCE Insurance Company Limited customers that their claims will continue to be considered against the terms of their policy and the FSCS will be stepping in to protect eligible customers.”