FSA bans five for insurance fraud
by Gill Montia
Story link: FSA bans five for insurance fraud
The Financial Services Authority (FSA) has banned five individuals for insurance fraud.
It has also imposed one of its largest ever fines of £150,000 for insurance fraud on one of the individuals and £50,000 on another.
Andrew Jeffery, director of Jeffery Flanders (Consulting) Limited, has been banned and fined £150,000 for failing to put in place insurance policies appropriately or, in some cases, at all, despite collecting payment from customers.
Barrie Duncan Aspden of Orion Direct Limited and Peppercom Plc has been banned from performing any regulated role in financial services for knowingly using approximately £300,000 of Orion client money to finance the creation of a new online motor insurance site, which traded as Peppercom.
Melanie Aspden and Gaenor Clayton of Orion / Peppercom have been banned for their failure to demonstrate competence and capability as directors. Each has been fined £35,000.
Finally, Paul Willment of Orion / Peppercom has been fined £50,000 and banned from financial services, also for his failure to demonstrate competence and capability.
The regulator’s director of enforcement, Margaret Cole, says: “We will continue to take action against those who commit insurance fraud, as well as those who fail to take action to prevent it.”