Hastings Insurance Uses Advantage in EU Regulations to Sell Insurance in the UK

Advantage Insurance Company Limited is a Gibraltar-based company that was formed in 2002 and is authorised by the Gibraltar Financial Services Commission to sell various insurance products in the United Kingdom. The authorisation is made possible by the Gibraltar Financial Services Act 2019 (as amended) and Directive 2009/138/EC (SII Directive), which was adopted by the Council of the European Union (EU) and the European Parliament in November 2009.

This company is owned by Hastings Group Holdings plc, which is a company registered in England and Wales that also owns Hastings Insurance Services Ltd., among many other companies in a complicated group structure (see above).

Because Gibraltar does not make directors' information publicly available we are left to rely upon a document published by the company and offered through its website. The 61-page PDF document does not say who the directors of the company are, only that Ed Biemer resigned and that Stephen Hazzard took his place. Stephen or Steve Alan Hazzard was formerly involved with ClaimFast and several other companies but is currently not a director of any UK registered company. And while Hazzard lists Saga plc on his LinkedIn profile as his former position, before becoming managing director of Advantage Insurance, he was never a director of that company according to Companies House records.

In the UK Advantage Insurance Services Limited is just one of many wholly-owned subsidiaries of Hastings Insurance Services Ltd., which is currently being accused of fraud and facing a trial on 24 March 2020.

In 2008 the Financial Conduct Authority fined Hastings Insurance Services £735,000 in respect of breaches of Principle 6 of the FSA's Principles for Businesses, because of wholesale cancellations of customer policies.

The company structure (above) states that the Gibraltar-based company and Hastings Insurance Services Ltd. are regulated. However, the company actually issuing the insurance policies is only regulated in Gibraltar, which does not disclose much about companies and depends on companies self-reporting. Hastings Insurance Services Ltd is overseen by the Financial Conduct Authority in the UK, but "cannot hold client money" according to the FCA.

Use this link to view historical information about Hastings Insurance Services Ltd


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