Two insurance brokers banned by FSA
The Financial Services Authority (FSA) has banned two insurance brokers, Andrew Porter and Alexander Brincat, from working in the financial services industry and withdrawn the permissions of Mr Brincat’s insurance firm Wise Owl Services.
According to the regulator, Mr Porter was the sole shareholder and the only broker at Porter Insurance which specialised in providing insurance policies for businesses and individuals.
The FSA found that while a broker and director of Porter Insurance, Mr Porter had deliberately underinsured clients. It said he had retained the surplus money for his benefit and exposed companies to the risk of significant financial loss by misleading them into paying for cover, which, unknown to them, was
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