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Qover secures FCA license after 7 years of activity

Tuesday 5 September 2023 14:34 CET | News

Qover has announced that it has obtained full authorisation from the Financial Conduct Authority (FCA) after operating actively in the UK market for seven years.

 

This authorisation allows Qover to continue its operations across Europe post-Brexit and demonstrates its commitment to complying with regulatory standards. The granted license is a significant milestone for Qover in the post-Brexit insurtech landscape, allowing it to operate under a fully regulated framework in alignment with industry standards and regulatory requirements.

Quentin Colmant, the CEO and Co-founder of Qover, emphasised the significance of obtaining the Financial Conduct Authority (FCA) license. He suggested that securing this license demonstrates Qover's unwavering commitment to delivering high-quality services.

Colmant highlighted that the effort and dedication put into the UK market have resulted in the acquisition of this license. This achievement not only solidifies Qover's position in the market but also sets the stage for future growth and expansion, as he sees it.

Qover has announced that it has obtained full authorisation from the Financial Conduct Authority (FCA) after operating actively in the UK market for seven years.

 

Furthermore, Colmant mentions a commitment to working closely with leading risk carriers. This collaboration aims to ensure the protection of Qover's partners and their customers, emphasising the company's dedication to providing secure and reliable insurance solutions.

Caroline Hanotiau, who serves as the General Counsel at Qover, added that the achievement had reinforced Qover's role as a trusted partner in the industry. She emphasised the company's commitment to regulatory compliance, indicating that this commitment was a fundamental aspect of their past endeavors.

Furthermore, she expressed pride in the team's unwavering dedication and customer-centric approach throughout their journey, suggesting that these qualities were demonstrated in the past and contributed to Qover's reputation as a reliable and customer-focused partner in the insurance industry.

FCA’s ongoing investigation

In August 2023 the Financial Conduct Authority initiated an information request to global large banks and building societies as part of an investigation into account closures.

The FCA's objective is to gain insights into the scope and primary reasons behind account closures. The focus of this request is specifically on understanding the prevalence of denials, suspensions, and terminations of accounts by gathering the necessary data and information to construct a comprehensive perspective on the issue. Additionally, the FCA plans to share its findings with the Chancellor. 

The organisations in question are required to provide the FCA with details regarding whether accounts were declined, suspended, or terminated, along with the reasons for each occurrence. This encompasses situations where account closures may have resulted from various expressions of opinions. The FCA's inquiry encompasses both personal and business clients, such as political parties, charities, and pawnbrokers.

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Keywords: mobile banking, digital banking, banking license, financial institutions, financial data
Categories: Banking & Fintech
Companies: FCA, Qover
Countries: United Kingdom
This article is part of category

Banking & Fintech

FCA

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Qover

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