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FSA bans life assurance fraudster

The FSA has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.

The FSA found that since June 2007, King has submitted applications for 39 fraudulent life assurance policies in order to benefit from commission payments in excess of £250,000.

In 30 of the applications, consumers’ personal details were either wrong or applicants knew nothing about the policies.

King admitted that his plan was to submit the policies, claim the commission and use the money to settle substantial outstanding debts.

FSA director of enforcement Margaret Cole says: “Peter King acted dishonestly and without integrity and posed a risk to consumers and to confidence in the financial system as a whole. The FSA will not hesitate to take action against individuals or firms who break our rules and put customers at risk of fraud.”

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Case study: administration — managing group life schemes

Our client leads the global market in high-tech electronics manufacturing and digital media. The trustees of the company’s final salary pension scheme insure death-in-service lump sum and dependants’ pension death benefits for active employees, as well as dependants’ pension benefits for deferred members (those who have left service).

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