FSA defends practices as rogue broker slips through application net

The Financial Services Authority (FSA) has denied that it is under-resourced, following the banning of a broker who had previous convictions for fraud.

Lancashire broker Neil McKay of Ideal Insurance Services was banned by the regulator after it found he had cancelled contracts of insurance without customers' knowledge and failed to pass on premium payments taken from customers to other intermediaries or insurers.

In the process of the investigation, the FSA discovered Mr McKay had been convicted

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