Insurance adviser fined over 'fraudulent employee'

The regulator says the seriousness of the failing was reinforced by the fact the employee had previous convictions for fraud and is also alleged to have perpetrated various frauds while he was employed within the Besso group. Had the FSA received an application for approval, it states the previous convictions could have been detected at an earlier stage and the fraudulent behaviour may have been prevented. The current allegations are the subject of a police investigation. The FSA recognises Besso’s failure to submit an application for approval was an isolated example of failure to ...