Ace and Studio customers who purchased optional accidental damage and theft insurance are entitled to a refund
Through our own review we have identified concerns with this insurance, which was sold through the Ace and Studio brands, and have notified the FCA. We concluded, along with the FCA that the insurance did not provide adequate value to customers. Therefore, together with Assurant General Insurance Limited and ANV (which is now part of AmTrust at Lloyd's) who were at various times the underwriters of the insurance, we wish to put customers back in the position that they would have been in had they not purchased the insurance.
What we're doing to put things right
We have designed and agreed a customer contact and refund programme and will refund Ace and Studio customers the premium they paid for the insurance together with interest. The average premium amount to be refunded will be approximately £38. We have identified approximately 330,000 affected customers.
Product details - are you affected?
Between January 2005 and May 2015, Express Gifts Limited sold the insurance through its Ace and Studio brands. The insurance provided cover against accidental damage and theft for all products purchased from Ace or Studio. The insurance was called "Property Insurance" from January 2005 to August 2008 and "Purchase Protection Insurance" from September 2008 to May 2015. In some cases, the insurance was provided for low cost and/or consumable products for which this type of cover was unsuitable.
What should customers do?
Nothing, unless your contact details have changed. In which case, you should print and complete the form below and return to us at the FREEPOST address stated on the form. If you need help completing the form call us on 01254 356839. We have already begun contacting affected Ace and Studio customers and the contact programme will continue over the coming months. You do not need to engage a third party to assist you with this process; this will not increase the likelihood of you receiving your refund but may result in some of your refund being retained by them.