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FSA bans insurance broker for overcharging attempt

The FSA has banned entertainment insurance broker Paul Cable for attempting to overcharge a client by £89,000.

The regulator has banned the Media and Entertainment Insurance Services Limited director from acting as an FSA approved person for “at least two years”.

It has also cancelled the permissions of the small insurance broker firm, which specialised on arranging insurance for the entertainment industry.

The FSA says it accepts that this was an isolated incident and that Cable made a full and frank admission of his misconduct.

FSA head of retail enforcement Tom Spender adds: “Cable’s actions call into question his integrity and show that he is not a fit and proper person. The action we have taken shows that this conduct will not be tolerated by the FSA.”


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