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FSA bans insurance broker over £400k premium deception

The Financial Services Authority has banned an insurance company director for lying and failing to pass on almost £400,000 insurance premiums.

The FSA says Synergys Ethical Limited director Mark Hazelwood, based in Whitwell, failed to pass on premiums to insurers when policyholders made a claim.

Further investigation showed that Hazelwood had failed to pass almost £360,000 in customers’ premiums, and a further £25,000 of premiums while operating under a new unauthorised business called Aquote.

Synergys arranged locum insurance for doctors across the UK.

FSA director of enforcement and financial crime Margaret Cole, says: “Hazelwood deliberately and dishonestly deceived his customers into believing they had purchased insurance policies when in fact he kept their premium payments himself.

“It is clear from Hazelwood’s behaviour that he never intended to pass on the premiums, but sought to obtain money from his customers under false pretences and for his own personal gain.

“The FSA will not tolerate people like Hazelwood. He has neither the integrity nor honesty to operate in this industry.”

Hertfordshire Police Fraud Squad are currently conducting their own investigation into Hazelwood and his business activities.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Surely all Hazelwood has to do is plead financial hardship then he, as was the case with Roger Collins (see MM 18/01/10), can come back for ‘another slice of the action’ in 2 years…..nice little earner don’t you think?

  2. “Iceberg” and “Tip”

  3. I reported this man to the FSA more than once for several breaches of FSA rules eg no regulatory wording on his website, preposterous claims about his cover that couldn’t be true etc etc. I had no response so chased the FSA to be told that, until a client complained, nothing would be done. That was 2 -3 years before the FSA finally did something about him. I always felt that the reason they didn’t listen was because I worked for an IFA firm and they thought it was just ‘sour grapes’.

  4. I dont know how a newspaper can write something like this when the case has not been to court or no one has been convicted, when mr hazelwoods case is found he is not gulity i hope he sues alll ur asses for all you have got.

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