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LONDON The Financial Services Authority has banned David William King from insurance management for life.
The London-based FSA, the U.K. insurance regulator, took the step against Mr. King when it discovered that two entities under his management, CIC Costa Rica and CIC Greece, were operating illegally, writing business without authorization.
The entities issued more than 1,800 insurance policies to businesses, ranging from construction companies to fish and chip shops, leaving them without proper insurance, thereby risking losses and even prosecution, the FSA said in a statement.
Mr. King stood to gain personally from the entities. In the statement, the FSA noted that no adequate due diligence was undertaken to ensure that CIC Costa Rica could honor its financial commitments, and he made false statements about the existence and authorization of CIC Greece.
Mr. King was "open and co-operative during the investigation and helped with the refund of premiums to policyholders," the FSA noted.
"Consumers, particularly business owners, should check that a firm is authorized with the FSA before signing up or they risk losing their hard earned money or even going out of business," warned Margaret Cole, FSA director of enforcement, in the statement.