How we are regulated

Ellipse is the trading name of the UK branch of ERGO Lebensversicherung, a leading German insurance company. ERGO Lebenversicherung has its headquarters at Victoriaplatz 2, 40477, Dusseldorf, Germany.

Being the UK branch of a German insurer, we are authorised to trade by the German financial regulator, Bafin, but the way we conduct our business is subject to regulation by the FCA.  We are members of the Financial Services Compensation Scheme

What this means in practice     
BaFin is the authorising institution from whom we receive our licence to transact insurance business.  BaFin is therefore responsible for the oversight of solvency, liquidity, governance and all other similar issues that affect prudential supervision. 

The FCA’s remit covers the way in which we interact with our customers, especially how we market our products, treat our customers, address complaints and, if the worst happens, what compensation arrangements will be offered.

Financial Services Compensation Scheme
Ellipse participates in - and contributes to - the Financial Services Compensation Scheme (FSCS).

The FSCS is designed to provide compensation for individuals and, in certain circumstances, small businesses who undertake transactions with authorised firms that go out of business or are otherwise unable to meet their liabilities.  The FSCS will determine the eligibility of claimants, but their definition of small businesses (having an annual turnover of less than £1 million) means that many of our clients will be too large to be eligible.  For those that ARE eligible, the current compensation limit for insurance payments is 90% of the claim, with no upper limit.

If a trustee of an occupational pension scheme for a smaller company applies for compensation under the Scheme, the FSCS must treat the members or beneficiaries of any member as having the claim, and not the trustee.

The FSCS will take into account the liability of the German insurance guarantee scheme.  Protektor Lebensversicherungs-AG is the mechanism set up by German life insurers for the protection of policyholders’ interests and like the FSCS in the UK protects policyholders against the consequences of a life insurer becoming insolvent.  It will look to continue existing cover and ensure that all claims in payment continue.  All classes of claimants would be treated equally by the compensation schemes regardless of where they are based.