Corrie Bauckham Batts Limited

Corrie Bauckham Batts Limited (“the Company”) was placed into Creditors’ Voluntary Liquidation on 20 April 2022 and John Dean Cullen and Rachel Helen Lai of Menzies LLP, 2 Sovereign Quay, Havannah Street, Cardiff, CF10 5SF were instructed Joint Liquidators. The Company has ceased to trade and steps are being taken by the Joint Liquidators to wind-down the client funds. The Voluntary Requirements applied to the Company by the Financial Conduct Authority, set out below, still apply.

 

All future queries should be directed to the Joint Liquidators at CBB@menzies.co.uk

 

Frequently Asked Questions can be located at: www.menzies.co.uk/corriebauckhambatts
 

VOLUNTARY APPLICATION FOR IMPOSITION OF REQUIREMENTS

 

From: Corrie Bauckham Batts Limited (FRN: 311653)

 

To:   The Financial Conduct Authority, 12 Endeavour Square London E20 1JN

 

 

Corrie Bauckham Batts Limited ("CBB") applies to the Financial Conduct Authority (the "Authority") under section 55L(5)(a) of the Financial Services and Markets Act 2000 ("the Act") for the Authority to impose the following requirements ("Requirements") on CBB's Part 4A permission, as set out in the terms below with immediate effect.

 

These requirements are being applied for to ensure that CBB is able to take the necessary and reasonable steps to enable it to wind down its operations in an orderly manner to avoid risk of harm to its customers.

New Business Restriction

1.     With immediate effect, unless permitted by paragraph 2, CBB must not:

a)     carry on:

i.     any regulated activities for which it has Part 4A permission; or

ii.     any activities arising from agreements it has with coverholders or insurers relating to the placement (including proposing, arranging and/ concluding) and/or underwriting of any contract of insurance.

b)     Enter into or arrange any coverholder, or other delegated authority, agreement under which the firm takes any
         steps in relation to the placement of contracts of insurance.

c)     undertake any other activity in relation to, or in connection with, the placement of new insurance business.

2.     The firm may:

a)     carry on activities for which it has obtained the prior written consent of the FCA;

 

b)     carry on activities in relation to contracts of insurance concluded prior to the Effective Date, including activities in relation to claims under contracts of insurance arranged by the firm or issued under coverholder agreements (where this cannot be done by the insurer or another person).

Limiting receipt of further client monies

3.     The firm must, in relation to any arrangements under which premiums and/or the proceeds of any claim are paid to the
         firm, within 5 working days of the Effective Date, take all reasonable steps to transfer, or arrange for another person to
         amend such payment arrangements (including direct debits or any other periodic payments), to the insurance
         undertaking underwriting the particular policy (or a third party they have named) or another insurance intermediary or
         coverholder (as appropriate).

Assets Restriction

4.     CBB must not, without the prior written consent of the Authority, in any way dispose of, withdraw, transfer, deal with or
        diminish the value of any of its own assets (whether in the United Kingdom or elsewhere). For the avoidance of doubt,
        this requirement includes the sale or transfer of the firm's business and/or client book.

5.     The assets restriction does not apply to monetary payments or the disposal of assets made by CBB in the ordinary course

         of business.

         For the avoidance of doubt, but non-exhaustively, the following types of payments shall not be regarded as payments in
         the ordinary course of business:

a)     Payments of unusual or significant amounts to CBB's controllers, shareholders, directors, officers, employees, or any connected persons.

b)     The making of any capital distribution.

c)     The making of any gift or loan by CBB to any party.

d)     Payments made as part of any financial restructuring or reorganization of its business
        (whether share or asset based).

6.     For the avoidance of doubt, the following types of payments shall be regarded as payments in the ordinary course of
        business:

a)     Payments of funds to CBB's suppliers in the ordinary course of business and in satisfaction of CBB's contractual
        and  legal obligations.

 

b)     Usual and proper salary payments made by CBB; and

 

c)     Payments or transfers involving CBB's own assets that are necessary to comply with the Authority's rules in CASS
        in relation to client money and/or custody assets, including where it is necessary to transfer its own assets to fund a
        shortfall.

Secure Records

7.     CBB must secure all books and records, preserve information and systems, and must retain these in a form such that they
        can be provided to the Authority, or to a person named by the Authority, promptly upon its request.