An insurance company director has been banned by the FSA for lying to his customers, lying to the FSA and failing to pass on insurance premiums.
Mark Hazelwood, of Hertfordshire-based Synergys Ethical, failed to pass on to insurers almost £360,000 in customers' premiums, an FSA investogation found. It adds he failed to hand over a further £25,000 in premiums as director of unauthorised business Aquote.
Synergys arranged locum insurance for doctors, covering GPs for any liability they might face while employing temporary or locum medical practitioners.
The company was referred to enforcement when the FSA became aware one of Hazelwood's customers had attempted to make a claim on their policy, but received no payment. The FSA says Hazelwood ignored any attempt at contact by his clients, a fact borne out by computer email evidence later seized.
It later found evidence of the missing premiums and, in October 2008, issued a consumer alert warning.
Hazelwood, now also the subject of a Hertforshire Police Fraud Squad investigation, has been banned from performing any regulated activity in the financial services industry.
"It is clear from Hazelwood's behaviour that he never intended to pass on the premiums, but sought to obtain money from his customers under false pretences and for his own personal gain," FSA director of enforcement Margaret Cole says.
"The FSA will not tolerate people like Hazelwood. He has neither the integrity nor honesty to operate in this industry."
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