FSA bans insurance broker for inadequate resources
The FSA has cancelled an insurance broker's Part IV permissions for failing to meet its capital adequacy requirements.
Staffordshire-based Templedale Ltd can no longer carry out regulated activities, the regulator has ruled.
The company offered life insurance as well as car, home and pet insurance.
It was informed of the FSA's decision to cancel its permissions in late August and did not appeal within the 28-day time limit set.
"Templedale failed to maintain capital resources equal to or in excess of its relevant capital resources requirement, and has thereby failed to comply with Principle 4 (Financial prudence) of the FSA's Principles for Businesses," the regulator's final notice reads.
"Accordingly, [we] have cancelled Templedale's Part IV permission."
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