The FSA has banned five individuals for failings in relation to insurance fraud. It has also imposed a fine of £150,000 for insurance fraud on one of these individuals and £50,000 on another.
Andrew Jeffery, director of Jeffery Flanders (Consulting) Limited has been banned and fined £150,000 – one of the largest fines imposed on an individual for insurance fraud.
The regulator said Jeffery recklessly failed to put in place insurance policies appropriately or, in some cases, at all, despite collecting payment from customers. In so doing, he exposed customers to risks such as not having adequate household or motor insurance. This was particularly serious as many of the customers were elderly or vulnerable, the FSA said. He also knowingly forged documentation and correspondence potentially to mislead insurance companies.
Jeffery obstructed the FSA’s investigation by failing to report changes to the firm’s contact details, as well as not providing documents or attending meetings at the request of the FSA.
Barrie Duncan Aspden has been banned from performing any regulated role in financial services for acting dishonestly and without integrity. Aspden knowingly used approximately £300,000 of Orion client money to finance the creation of a new company “Click the Pepper””