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Broker fined for failing to control ARs

The Financial Services Authority has fined Blackburn insurance broker Aspray Limited £21,000 for failings in control of its appointed representatives and for misleading both its clients and the FSA.

Aspray, which specialises in managing insurance claims for property repairs, did not maintain appropriate systems and controls for the recruitment, training and monitoring of its ARs.

Aspray also misled clients by telling them that its services were free of charge when cancellation charges could be incurred and ARs were given free reign to charge an insurance excess.

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