FSA bans five insurance execs and hands out £150,000 fine over fraud

first_imgTuesday 17 August 2010 7:57 pm KCS-content Show Comments ▼ whatsapp THE Financial Services Authority (FSA) has banned five individuals in relation to insurance fraud and given one director a near-record fine of £150,000.The FSA said yesterday that the five insurance executives whom it had banned had shown complete disregard for the interests of their customers.Andrew Jeffery, a director of Jeffery Flanders Limited, was fined £150,000 for failing to put in place adequate insurance policies and knowingly forging documents. The FSA described it as one of the largest ever fines against an insurance broker.Barrie Duncan Aspden of Orion Direct Limited and Peppercom was banned for using customer money to create a new company, meaning that customers were at risk of being uninsured because their premiums were being misused.Aspden’s wife Melanie and his sister-in-law Gaenor Clayton were also banned, along with Orion executive Paul Willment, for their roles in the affair. Willment was fined £50,000.The FSA has sought to toughen up its act in the wake of the financial crisis, and last month it handed out a £320,000 fine to the former finance director of Northern Rock, the first British victim of the credit crunch.Margaret Cole, director of enforcement and financial crime at the FSA, said: “Individuals holding a role such as that of director must act with integrity as well as with the necessary skill, care and diligence”. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal Past Share FSA bans five insurance execs and hands out £150,000 fine over fraud Tags: NULLlast_img

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