FSA application approved

The High Court has approved the Financial Services Authority's (FSA) application for the distribution of approximately £655,000 to policyholders who purchased insurance from CIC Insurance Company SA (CIC), an unauthorised insurance provider, through a UK-based intermediary called insureyourshop.com (IYS). Between January and December 2003, IYS issued insurance on behalf of CIC to approximately 1,700 policyholders in the UK who collectively paid nearly £1.5m in premiums. None of the mainly

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