View more on these topics

Broker ban for underinsuring clients

The FSA has banned two insurance brokers for underinsuring clients and offering free life cover without informing providers.

The regulator found that Porter Insurance broker Andrew Porter deliberately underinsured clients and retained the surplus money for his benefit.

He also misled companies into paying for unsuitable cover and falsified documents to mislead clients and insurers.

In a separate case, the FSA banned Alexander Brincat and withdrew the permissions of his firm Wise Owl Services, which specialised in life cover and buildings insurance.

Between September 2009 and August 2010, Brincat failed to tell product providers about the company’s strategy to provide free life cover to customers and failed to monitor the high cancellation of policies sold by the firm.

Brincat also failed to ensure that Wise Owl had sufficient resources to pay premiums for customers who had agreed to free life cover and failed to pay clawback commission when cover was cancelled.

Recommended

Leslie: It is too early to take a position on bank reform

Shadow Treasury financial secretary Chris Leslie has rejected calls from Labour MP Michael Meacher for the party to lead the charge on pushing for the complete separation of retail and investment banks. In its interim report, published in April, the Independent Commission on Banking proposed that retail banks be ringfenced and be made to hold […]

Wombwell to run Brooks Macdonald fund venture

Brooks Macdonald has launched a fund business headed by former Scottish Widows Investment Partnership head of sales and marketing Simon Wombwell. Wombwell has been made chief executive and the Brooks Macdonald Funds launch brings together funds from the firm’s Lawrence House and Braemar Group acquisitions. The business, made up of three fund of funds and […]

Bonds going bust? Not so fast….

In recent months bond bears have been reinvigorated, and market commentary suggesting “the end of the bond (bull) market is near” has become commonplace. We think these comments are premature. Explaining the global government bond sell-off October has seen renewed pressure on global government bonds, initially provoked by a Bloomberg article suggesting that the ECB […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment