FSA bans broker for hoarding premiums
The Financial Services Authority (FSA) has banned Mark Hazelwood, who operated Hertfordshire-based broker, Synergys Ethical Limited.
The company director has been found guilty of lying to customers and the FSA, and failing to pass on premiums to insurers.
Mr Hazelwood’s firm focused on arranging locum insurance for doctors, covering GP surgeries for any liability they might face while employing temporary or locum medical staff.
Synergys was referred to enforcement when the FSA became aware that one of its customers had attempted to claim on their policy, but received no payment.
Further investigation revealed that Mr Hazelwood had failed to hand over almost £360,000 in premiums.
In October 2008, the FSA took action to stop Synergys’ regulated business, however, authorities later searched Mr Hazelwood’s residential and business addresses and found evidence of a new unauthorised business, Aquote.
According to the regulator, Mr Hazelwood had also failed to pass on a further £25,000 of Aquote customers’ premiums to insurers.
Hertfordshire Police are currently conducting their own investigation into Mr Hazelwood and his business activities.
Category: Business Insurance News, Financial Services Authority News, Insurance News
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