FCA's £150,000 fine and ban for "reckless" broker upheld
The Financial Conduct Authority's (FCA) ban and £150,000 fine for "reckless" insurance broker director Andrew Jeffery has been upheld.
Mr Jeffery, director of Jeffery Flanders (Consulting), was hit with one of the largest fines imposed on a broker for insurance fraud in August 2010.
And following a 16-day hearing the Upper Tribunal has endorsed the regulator's punishment.
The tribunal found that Mr Jeffery had retained clients' premiums without passing them on to the underwriter, causing some clients not to receive the household and motor cover they had paid for, exposing them to the risk.
It commented that Mr Jeffery "had a
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