Please be advised that EC3 Brokers Limited (“the Company”) have ceased to trade.

David Shambrook and David Hudson both of FRP Advisory Limited, 110 Cannon Street, London, EC4N 6EU were appointed as Joint Administrators of the Company on 25 November 2022. On 21 August 2023, Tony Wright also of FRP Advisory Trading Limited replaced David Shambrook as Joint Administrator pursuant to a Court Order. For all enquiries please contact: EC3@frpadvisory.com

EC3 BROKERS LIMITED (IN ADMINISTRATION) (“EC3”) – FAQ FOR CLIENTS

1. Who are EC3 Brokers?
   
   EC3 Brokers is an independent insurance broker authorised and regulated by the FCA that specialised in reinsurance and programme business.
   
   

2. Is my insurance policy with EC3?
   
   No. EC3 brokered your policy with a third-party insurance provider. If you require further details on your policy, please speak to your provider directly. If you require contact details for your provider, please contact the Administrators via email at EC3@frpadvisory.com
   
   

3. What has happened to EC3 Brokers?
   
   David Shambrook and David Hudson, both of FRP Advisory, were appointed Joint Administrators of EC3 on 25 November 2022.  The company has ceased to trade with immediate effect, and is not taking on or writing any new business. A small core team has been retained in the Administration to deal with:
   
   1. Client money reconciliation and redistribution;
   2. Collection of any outstanding recoverable brokerage; and
   3. Re-homing of customers to new brokers of record.
   
   

4. When will my policy be transferred?
   
   As soon as practicably possible. As a client you will need to find and nominate a new broker of record and notify the Administrators. Once you have nominated a new broker, it will be your new broker that will deal with the transfer of your policy, with the assistance of the retained staff at EC3.
   
   A list of regulated and approved brokers can be found at https://ldc.lloyds.com/market-directory/results.
   
   

5. What happens if I want to make a claim on my policy?
   
   As noted at Question 2, EC3 brokered your policy with a third-party insurance provider therefore any claims should be notified to your provider directly.
   
   

6. Do I need to use a claims company?
   
   No. There will be no need for you to engage a claims company. Once your policy has been transferred any claims that are being dealt with currently or that arise in the future will be dealt with by your new broker.
   
   

7. Is my policy still valid? Am I insured?
   
   Yes.
   
   

8. Is EC3 currently holding any of my money? How long for?
   
   EC3 currently holds client money in its designated client accounts. The Administrators have retained a small core team to assist with a reconciliation process of client monies. Once this process has been completed, clients will be contacted with regard to the return of client funds.
   
   The Administrators' costs in dealing with client monies may be deducted from the client monies held, subject to obtaining the requisite Order of the Court.
   
   If you believe EC3 is holding client monies owed to you please contact the Administrators via email at EC3@frpadvisory.com.
   
   

9. Will I receive all my money?
   
   The Administrators are unable at the present time to confirm whether all client monies are whole until the reconciliation exercise has been undertaken and completed.
   
   

10. Will any shortfall be covered by the Financial Services Compensation Scheme (“FSCS”)
    
    The FSCS exists to protect customers when financial service firms fail. It is the compensation scheme for customers of UK authorised financial services firms. It has eligibility criteria both in respect of the people and business who are covered, you can see more information on what the FSCS cover by following the below link:
    
    https://www.fscs.org.uk/what-we-cover/
    
    For eligible customers of GII firms such as EC3, cover is 100% for compulsory insurances, and 90% for all other types of insurance. You can read more about the FSCS and how to contact them by following the below links:
    
    https://www.fscs.org.uk/
    
    https://www.fscs.org.uk/contact-us/
    
    The Joint Administrators will work with the FSCS to determine the position and will provide further updates.
    In the event of a query please contact EC3@frpadvisory.com.
    
    

11. How long will the reconciliation process take?
    
    This is currently uncertain.  Our current estimate is approximately 90 days.  We will update clients periodically regarding the reconciliation process.
    
    

12. How long will the Administration last?
    
    It’s difficult to quantify precisely how long the Administration will last. The Administration Order lasts for 12 months, unless extended with the consent of the company’s creditors, or by the Court.
    
    

13. How do I contact the Administrators?
    
    The Administrators will write to all clients as soon as is reasonably practicable upon their appointment. Any queries in the meantime should be sent to EC3@frpadvisory.com and the Administrators will endeavour to respond as soon as possible.