FSA fines AIF director for control failings
The Financial Services Authority (FSA) has fined Richard Holmes, a director with insurance broker AIF, £20,020 for control failings in relation to an appointed representative firm (AR).
In September 2006, Mr Holmes appointed an AR without carrying out the necessary checks. Rather, he used only assurances from two business contacts, who were subsequently banned by the FSA on 2 November 2006.
The following February, an insurance underwriter advised Mr Holmes that the AR had outstanding premiums
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