We are aware of statements made by some of our competitors with regards to the financial standing of Vantage Fee Protect that are both factually incorrect and intended to be damaging to our business. We are also aware that it has been falsely communicated to clients that Vantage Fee Protect is up for sale or in the process of being sold. This is obviously disappointing and a matter that has been referred to our Legal Department who are taking appropriate action.
Vantage Fee Protect has the backing of cash rich shareholders who remain committed to the business in the long term. Vantage Fee Protect has no external loans or debt and our financial standing to date has been firmly in line with our expectations and is reflective of the significant investment made in the company by our shareholders. This investment has enabled us to provide a superior product and service, the exact reason why so many accountants are choosing Vantage Fee Protect as their Tax Fee Protection Insurance provider. Following this period of investment Vantage Fee Protect is forecast to make a healthy profit in the 2018 financial year.
In the past 12 months we have recruited a number of staff from other providers and will continue to expand our team and invest in our proposition and technological platforms to meet our growing demand and ensure that we can continue to differentiate ourselves from others in the market. We have also won a number of key commercial partners who have made the decision, after a review of the fee protection insurance market, to partner with Vantage Fee Protect.
Importantly our insurer is Tokio Marine HCC, who are a global insurer with a market capital of $31 billion. Tokio Marine HCC are rated AA- (very Strong) by Standard & Poor’s. They ultimately hold our client’s premium and are responsible for paying claims, so the financial risk sits with Tokio Marine HCC whose financial rating can be viewed here.
Both ourselves and Tokio Marine HCC are authorised and regulated by the FCA / PRA and so whilst it is highly unlikely that it will be required, you and your clients also have the protection afforded by the appropriate regulatory authorities.
You can rest assured that with Vantage Fee Protect, you are in safe hands.
If any of our clients or prospective clients have any concerns with regards to any of the above, please speak to your Business Development Manager.
0116 274 9123