The FSA sends signal of intent with broker fine and insurer bans
The Financial Services Authority (FSA) has fined a broker network director and banned three insurance professionals for a £2m fraud in its latest crackdown.
The watchdog fined David Head, director of Essex-based mortgage and insurance broker network FT Compliance Services (FTCS), £10,500 for failing to properly supervise insurance intermediaries he knew had close links with a firm and individual previously disciplined by the FSA for payment protection insurance (PPI) failings.
The FSA explained that FTCS operated as a network, recruiting mortgage and insurance brokers as appointed representatives (ARs), and that Mr Head, who was responsible for
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