FSA bans director of mortgage and general insurance firm
The Financial Services Authority (FSA) has banned the director of a Manchester-based mortgage and general insurance firm from holding senior positions in the financial services industry.
Matthew Sixsmith was the director of Bridgewater House UK, which dealt mainly in the sub prime mortgage market, but also arranged life and critical illness insurance in connection with those mortgages.
The FSA said his failure to comply with client money rules resulted in the loss of approximately £85,000 of his customers’ money.
When Bridgewater sold an insurance policy, it would charge its customers two years’ insurance premiums upfront, and then add this amount to the mortgage.
The firm
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