FSA bans illegal insurance salesman

Tue, 12 Jun 2007

The Financial Services Authority has permanently banned David William King from ever again controlling, managing or being involved in companies under its regulation, following his illegal writing of insurance policies using the companies CIC Costa Rica and CIC Greece .

King apparently worked without authorisation, writing over 1,800 insurance policies to UK businesses. This left thousands believing they were covered and risking major loss and possible prosecution.

The FSA claims that king, who personally gained from the invalid policies, could not honour the financial commitments of his company . The director of enforcement at the FSA, Margaret Cole, reportedly commented: "Mr King's conduct showed a lack of competence, integrity and honesty which seriously undermined consumers' confidence in the insurance sector. Our action should serve as a warning to those who operate illegally that we will not hesitate to take action when they put consumers at risk. Consumers, particularly business owners, should check that firm is authorised with the FSA before signing up or they risk losing their hard earned money or even going out of business."
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