Insurance firm director banned for allowing £1.4m fraud

Laura Miller
clock

An insurance director banned and fined by the the Financial Services Authority (FSA) for allowing a £1.43m fraud which ended up bankrupting his company has had his appeal refused at the Upper Tribunal.

David John Bedford was director and responsible for managing the Financial Risk Division of ESR Insurance Services Ltd. The FSA decided to ban and fine Bedford £100,000  - reduced to £10,000 due to hardship - in June 2010, but he referred the decision to the Upper Tribunal Yesterday the Tribunal backed the FSA's action against Bedford, on the grounds that he is not a fit and proper person. Bedford placed surety bonds - guarantees to pay a loss sustained as a result of a breach of contractual obligations - and related insurance with an American national named Wendell Clemons. The...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Service

L&G ploughs £40k into stroke awareness campaign

Legal & General has agreed to provide £40,000 in sponsorship for Action on Stroke Month in May 2014.

clock 10 January 2014 •

Zurich chairman resigns after CFO 'suicide'

The chairman of Zurich insurance group has resigned days after the apparent suicide of chief financial officer Pierre Wauthier.

Carmen Reichman
clock 29 August 2013 •

Zurich CFO found dead

The chief financial officer of insurer Zurich Group was found dead at his home yesterday morning.

Carmen Reichman
clock 27 August 2013 •