FCA hands out £15.5m of fines for solicitors’ PI and other insurance schemes’ failures

Cash in hand

The Financial Conduct Authority (FCA) has fined five individuals and two firms a total of £15.5m, in addition to banning four of those individuals, for significant integrity and competence failings.

The FCA fined Shay Reches £1.05m following an investigation with the Prudential Regulation Authority into the validity of solicitors' professional indemnity insurance for over 1,300 firms.

Reches, a director at Coverall Worldwide with responsibility for a managing general agent called Aderia UK, has

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