FSA gets tough with Xsavi

The Financial Services Authority (FSA) has cancelled Xsavi's permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources.

The FSA said it was is the first enforcement cancellation on conduct of business grounds taken against a general insurance firm since it took over the regulation of general insurance in January last year.

Between 1 and 25 February 2005, Xsavi claimed to be acting as agent for an insurer and to have authori