FCA fines and bans broker who failed to pass premiums on to insurers
The Financial Conduct Authority has imposed a financial penalty of £5,021 and banned an insurance broker from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm.
Martin Christoper Sarl was the sole approved director at Exeter-based Perry Prowse (Insurance Consultants) throughout the relevant period between 7 November 2017 and 24 October 2019, during which the FCA deemed he acted dishonestly in his failure to pass premiums on to insurers and in his interactions with customers.
In particular, two customers were left without home insurance, after Sarl failed to pass on their premium payments to the insurer, which resulted in a claim for £4,444.90, which had
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