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FCA fines and bans insurance broker for submitting false documents

The FCA has banned a director of an insurance intermediary firm and fined him £7,200 for submitting false documents to insurers.

Philip Eley, a director at Eley Insurance Services Limited, deliberately falsified no claims discount letters relating to 10 customers’ policies and submitted them to an insurer.

Eley Insurance Services is an insurance intermediary covering commercial insurance, rental properties insurance, household insurance and car insurance.

In October 2012, an insurer wrote to the firm requesting copies of 30 customers’ files to be reviewed as part of a periodic audit.

Eley told the FCA that when preparing the files he discovered that no claims discount letters were missing from 10 files. He said he ”panicked” and falsified the missing letters.

The regulator says he failed to act with integrity and “poses a serious risk to consumers and to confidence in the financial system”.

It has banned him from performing any function in relation to any regulated activity.

Eley agreed to settle at an early stage of the investigation and therefore qualified for a 30 per cent discount. Had he not done so, the fine would have been £10,286.

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