FSA close down Manchester broker - directors banned
A Manchester insurance broker has been closed by the Financial Services Authority (FSA) after investigations revealed that the firm was selling insurance without underwriting in place, leaving clients uninsured.
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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