FSA strikes off two unwise brokers
Share
The Financial Services Authority has banned two insurance brokers, Andrew Porter and Alexander Brincat, from working in the financial services industry.
It has also withdrawn the permissions of Brincat’s insurance firm Wise Owl Services Limited.
The FSA found that while a broker and director of Porter Insurance, Porter had deliberately underinsured clients, retaining the surplus money for himself, and also falsified documentation.
Brincat was the sole director and a shareholder of Wise Owl, a small firm specialising in insurance policies for buildings and life insurance.
The FSA found that between September 2009 and August 2010 Brincat had failed to adequately monitor the high cancellation rate of life insurance policies sold by Wise Owl and failed to disclose to its insurance providers that it had a sales strategy of offering free life cover to customers.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
