FSA formally retracts Xsavi's authority to operate
The Financial Services Authority has withdrawn insurance agency Xsavi's authority to trade for faili...
The Financial Services Authority has withdrawn insurance agency Xsavi's authority to trade for failing to conduct its business in compliance with proper standards and for having inadequate financial resources.
Gloucestershire-based Xsavi became insolvent last September, so the FSA's decision will have little practical effect. Nonetheless, this is the first enforcement of a cancellation on conduct-of-business grounds to be made against a general insurance firm.
Between 1 and 25 February 2005, Xsavi
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