FSA issues life ban on illegal insurer

The FSA has forbidden King from managing, controlling or having significant influence over any person or companies under its regulation. Action was taken because two companies King managed, CIC Costa Rica and CIC Greece, were operating illegally by writing insurance in the UK without being authorised. Despite a lack of authorization, the companies issued more than 1,800 insurance policies to UK businesses meaning policyholders, ranging from fish and chip shops to construction companies, did not have proper insurance and risked substantial loss or prosecution. The FSA says King made...