FSA bans two insurance brokers for misconduct

Andrew Porter and Alexander Brincat have been banned from working in the financial services industry. The FSA has also withdrawn the permissions of Brincat's insurance firm Wise Owl Services Limited (Wise Owl). Porter, the sole shareholder and the only broker at Porter Insurance, had deliberately underinsured clients, retaining the surplus money for his benefit, the FSA said. He also exposed companies to the risk of significant financial loss by misleading them into paying for cover, which, unknown to them, was neither suitable nor appropriate for their business needs, leading them...