FSA fines and bans broker for part in fraud scheme

The regulator said that while he was not a participant in the fraud, as a director of Surety Guarantee Consultants (SGC), Barry Williams deliberately ignored his responsibilities as an approved person and turned a blind eye despite clear warnings about the true nature of the scheme.

SGC was established in 2004 to write a form of insurance known as surety bonds. Between January 2005 and August 2006 SGC held binding authorities with London market insurers, Markel and QBE (through its agent Amalfi