FSA bans three insurance fraudsters
The Financial Services Authority (FSA) has banned Timothy Higgins, Clifford Felstead and Ralph Brunswick from working in regulated financial services.
All three men were involved in a scheme which defrauded Markel International Insurance Company, QBE Insurance (Europe) and Amalfi Underwriting over an extended period of time, exposing them to significant losses. Mr Higgins would also have been fined £600,000 were it not for the fact that he had recently been made bankrupt.
Mr Higgins was a director and founder of Surety Guarantee Consultants (SGC) a firm established in 2005 to write a form of insurance known as surety bonds and Mr Felstead was
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