The FSA has banned David William King from managing, controlling or having significant influence over any person or companies allowed to carry out FSA regulated activities.
King was operating illegally – writing insurance in the UK without authorisation for two entities under his management, CIC Costa Rica and CIC Greece.
CIC Costa Rica and CIC Greece were not approved in the UK, Greece or Costa Rica to carry out regulated insurance business but despite this, the firms issued more than 1,800 insurance policies to UK businesses.
The policyholders, ranging from fish and chip shops to construction companies, did not have proper insurance and risked substantial loss and even prosecution.
King made false statements about CIC Greece’s existence and its authorisation to carry out insurance business and no adequate due diligence was undertaken to ensure that CIC Costa Rica could honour its financial commitments.
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.”