To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the case of the Lamp Insurance Company Limited, if he will make an assessment of the adequacy of the steps required of (a) liquidators and (b) regulatory bodies in (i) Gibraltar and (ii) the UK to ensure that (A) creditors and (B) consumers are protected when a company goes into liquidation.
LAMP Insurance Company Limited is a Gibraltar-incorporated and registered company which was authorised and regulated by the Gibraltar Financial Services Commission. The company was placed into liquidation in Gibraltar on 31 May 2019 in accordance with the Gibraltar Insolvency Act 2011. The UK Government has no involvement in the legal or regulatory functions of the authorities in Gibraltar.
LAMP Insurance Company Limited also operated in the UK and was authorised by the Financial Conduct Authority and the Prudential Regulation Authority. In the event that an authorised insurer fails operating in the UK or Gibraltar, there are consumer protections in place. Eligible policyholders can seek compensation from the Financial Services Compensation Scheme and refer claims disputes to the Financial Ombudsman Service. Creditors of the company who are not policyholders can lodge their claims and obtain further information via the Liquidator’s appointed agents, Grant Thornton Limited, who can be contacted by email at firstname.lastname@example.org.