FSA close down Manchester broker - directors banned

Michael Young (also known as Mohammad Younas Yousaf) was the managing director, and Asif Habib Malik was the financial director, of M Young Legal Associates Limited (MYLA) which advised on and sold 'after-the-event legal expenses insurance policies'.

The FSA's investigations found that between July 2003 to March 2004 and September 2004 to November 2005, MYLA issued policies in the names of National Insurance and Guarantee Corporation, IGI Insurance Company and Contractors Bonding despite having

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