FSA bans insurance company director for deceiving customers and trading in breach of FSMA – On 19 January 2010, the FSA published the Final Notice it has issued to Mark Hazelwood, formerly an insurance broker and director at Synergys Ethical Limited (Synergys). The FSA has prohibited him from carrying out any function relating to regulated activities on the basis that he has neither the honesty nor the integrity to perform such a function.
The FSA found Mr Hazelwood guilty of, among other things:
- While operating as an insurance broker for Synergys, issuing insurance policies without an authorised insurer underwriting those policies, in breach of section 20 of the Financial Services and Markets Act 2000 (FSMA), which prohibits FSA authorised persons carrying on regulated activities beyond their Part IV FSMA permissions.
- Acting as a sole trader without FSA authorisation, in breach of section 19 of FSMA.
- Misleading customers into believing he had arranged insurance cover for them and then failing to pass on premiums received from customers.
The FSA also issued a Final Notice to Synergys cancelling its Part IV FSMA permissions. In a separate press release the FSA notes that the police are currently conducting their own investigation into Mr Hazelwood’s activities.
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