The Financial Conduct Authority ( FCA ) has banned and fined an insurance broker for acting without integrity. The ban and fine is a result of the insurance broker telling the client that they had the insurance policies in place when in fact none had been arranged.
As a result, Cable exposed the client to risk and retained premiums totalling £17,452.56.
The size of the fine reflects the fact Cable had been repeatedly dishonest whilst already subject to disciplinary proceedings for a lack of integrity towards another client by the FCA’s predecessor, the Financial Services Authority (FSA). The FCA has also banned Cable from working in the financial services industry in future.
In June 2009, the FSA informed Cable that it had decided to ban him from working in certain roles in financial services. Following this decision, Cable continued to act as an insurance broker, a role not covered by the ban. During this time, Cable misled a client into believing he had taken out four insurance policies on their behalf and collected premiums without arranging the policies.
Tracey McDermott, the FCA’s director of enforcement and financial crime, said:
“Mr Cable flagrantly disregarded his obligations to his client and to the regulator. At the same time as arguing previous misconduct the FSA had identified was a one off error, he was systematically misleading another client and exposing them to considerable risk. His conduct demonstrates a complete lack of integrity which has no place in the financial services industry.”
Since launching in April 2013, the FCA has levied fines of over £1.1m against four individuals.
Maple Leaf Financial Business Compensation Service
We have a specialist team of solicitors dedicated to dealing with the mis-selling of Business loans, Business insurance, Business leases. We are very happy to review these relatively complex arrangements and to claim compensation for our clients where appropriate.
Please do not hesitate to call Maple Leaf Financial and we will be happy to discuss your individual concerns and requirements : 0800 7747624
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