FSA bans insurance broker

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...