The Financial Services Authority (FSA) has banned Stephen Fryett and Richard Baines from performing any role in relation to regulated financial services activities. Mr Fryett had acted as a director of CIC Greece and was also involved with CIC Costa Rica, both of which were not authorised to carry out insurance business in the UK. Despite knowing this, he encouraged a number of UK insurance brokers and underwriting agents to issue insurance contracts, putting customers at substantial risk.
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