FSA fines insurance claims handler for noncompliance
The Financial Services Authority (FSA) has fined Blackburn insurance broker Aspray Limited £21,000 for control failings over its appointed representatives (ARs) and for misleading both its clients and the regulator.
Aspray, which specialises in managing insurance claims for property repairs, did not maintain appropriate systems and controls for the recruitment, training and monitoring of its ARs.The company also misled clients by telling them that its services were free of charge when in fact cancellation charges could be incurred and ARs had discretion to charge an insurance excess.
Further, it said that all its contractors were screened and only quality local tradesman were used, when in fact most
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