FSA closes Manchester insurance broker

The regulator says M. Young Legal Associates (MYLA) advised on and sold after-the-event legal expenses insurance policies, which cover the customers' legal costs if their claim becomes unsuccessful. It says it has banned the company’s managing director, Michael Young - also known as Mohammad Younas Yousaf - and Asif Habib Malik, the financial director. The FSA found MYLA issued policies in the names of National Insurance and Guarantee Corporation, IGI Insurance Company and Contractors Bonding between July 2003 to March 2004 and September 2004 to November 2005, despite putting no underwrit...