Insurance firms banned for illegal trading

Stephen Fryett and Richard Baines issued thousands of insurance contracts from CIC Greece and CIC Cost Rica, despite the firms not being authorised to trade in the UK. Fryett acted as a director of CIC Greece and was involved with CIC Costa Rica, and encouraged a number of insurance brokers and underwriting agents to issue insurance contracts in the UK. Baines was responsible for running Insureyourshop.com, a UK-based insurance broker, and issued over 1,800 illegal contracts. Their customers, mostly construction firms and fast food outlets, were not properly insured and risked substan...