FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
In the FSCS’s 2022/23 annual report the figure stood at just over £50m.
The insurance arm of motorbike specialist MCE fell into administration in November 2021.
Cecile Loosely, head of recoveries at the FSCS, said: “We continue to work closely with the firm’s administrators to recover as much money as possible and further reduce the impact of compensation costs on levy payers.”
In July last year, the broking arm, MCE Insurance Limited, also failed. When the Financial Conduct Authority named Crowe
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