The Financial Services Authority (FSA) has barred Cornelius McGee from carrying out regulated activities after he failed to maintain professional indemnity insurance (PII).
McGee, who operates a sole trader practice called McGee Lindsay and Company, has had no PII since 10 March 2004. Since that date and despite repeated requests and warnings from the regulator, he has failed to comply with FSA Rule 13.1.4(1), which requires a firm must take out and maintain at all times PII. The FSA says McGee has therefore failed to make adequate provision in respect of his liabilities, which creates a risk of loss or other adverse effect on consumers. It adds: “You are failing to satisfy the threshold conditions set out in schedule 6 of the Act in that, in the opinion...
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