Record FSA fine prompts call for brokers to help tackle fraud
Brokers have been called on to do more to support the Financial Services Authority's (FSA) crackdown on fraudulent behaviour after the regulator imposed one of the largest ever fines on an individual.
The FSA recently banned five individuals for failings in relation to insurance fraud, imposing one of its biggest ever fines of £150,000 for the offence on one of the individuals, Andrew Jeffery, director of Jeffery Flanders (Consulting).
The regulator said that Mr Jeffery "recklessly failed to put in place insurance policies appropriately or in some cases at all despite collecting payment from customers".
The watchdog added that the case was particularly serious as many of his clients were
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