A deceitful adviser lost insurer Scottish Provident £70,000 in commissions by submitting fraudulent life insurance applications over a period of almost three years.
Stephen Straw, a former investment adviser with Whitehall Financial Independent, dishonestly submitted 19 life insurance applications to Scottish Provident between January 2003 and September 2005, obtaining commission on these policies.
The FSA says the insurer lost £70,000 in commissions as a result of the fraudulent applications.
In June last year, Straw confessed and was convicted of 19 counts of financial crime offences. He was sentenced to 48 weeks imprisonment, suspended for 24 months on condition of 250 hours of unpaid work.
The FSA this week banned Straw from performing any function "in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm".
In its final notice to Straw, it says: "The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation and therefore demonstrate that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm."
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