FSA bans insurance broker

clock •

The FSA today banned Flett Sinclair Insurance Brokers' sole director David Holland for misusing customers' assets.

A pet insurance intermediary, Holland marketed and sold policies to customers through Petsure Limited, an agency of FSIB. From September 2005 to May 2007, the FSA says Holland: Placed premiums amounting to at least £162,000 into his own personal bank account and used this money for personal expenditure Failed to hold premiums in a designated account for client premiums Failed to prepare and submit monthly returns together with payment of premiums to the insurer It is the first time the FSA has taken action against a pet insurance adviser. "Using premiums received from clien...

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 Your profession

Advised clients want more personal investment communication

Advised clients want more personal investment communication

Four in ten say comms focused more on product than goals

Jenna Brown
clock 12 November 2026 • 3 min read
How economic abuse manifests itself in pensions, mortgages and protection

How economic abuse manifests itself in pensions, mortgages and protection

Second in a three part series

Shelley Read
clock 11 November 2026 • 5 min read
Celtic FP founder launches online admin platform for advisers

Celtic FP founder launches online admin platform for advisers

‘Developed by people who understand the industry’

Jenna Brown
clock 10 November 2026 • 2 min read