FSA dishes out £150,000 fine as it bans five for insurance fraud
The Financial Services Authority (FSA) has banned five individuals for failings in relation to insurance fraud. It has also imposed one of its largest ever fines of £150,000 for insurance fraud on one of these individuals and £50,000 on another.
Andrew Jeffery, director of Jeffery Flanders (Consulting) has been banned and fined £150,000.
The FSA said Mr Jeffery recklessly failed to put in place insurance policies appropriately or, in some cases, at all, despite collecting payment from customers. In so doing, he exposed customers to risks such as not having adequate household or motor insurance. This was particularly serious as many of the customers were elderly or vulnerable. He also knowingly forged documentation and correspondence
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