FSA bans directors of BPS Insure for misuse of clients money

The Financial Services Authority (FSA) has banned three directors of London-based insurer BPS Insure for the misuse of client money. The directors failed to inform the FSA the company had a deficit of approximately £3m in its client account and that they had misused client money. Although no clients were directly affected, there was a risk that the directors' actions would have left clients without the cover they had purchased. The regulator has now issued a prohibition order against each

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: