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FSA ban over illegal insurance sales

The FSA has banned David William King from all regulated activities for operating illegally by writing insurance in the UK without authorisation.

King has also been barred from controlling or having significant influence over any person or companies carrying out regulated activities.

He had been running two companies, CIC Costa Rica and CIC Greece, which were not approved in the UK, Greece or Costa Rica to carry out regulated insurance business but they issued over 1,800 insurance policies to UK businesses.

The policyholders, ranging from fish and chip shops to construction companies, subsequently did not have proper insurance and risked substantial loss and even prosecution.

FSA director of enforcement Margaret Cole says: “Mr King’s conduct showed a lack of competence, integrity and honesty which seriously undermined consumers’ confidence in the insurance sector. Our action should serve as a warning to those who operate illegally that we will not hesitate to take action when they put consumers at risk.

“Consumers, particularly business owners, should check that a firm is authorised with the FSA before signing up or they risk losing their hard-earned money or even going out of business.”

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