FSA bans former chief of insurance broker

The FSA says James Richardson failed to act with integrity and report his dealings candidly. Richardson told Southend-based Insure & Go's auditors in September 2004 the company used a Gibraltar-based travel club scheme to limit the firm's liability for insurance premium tax (IPT). He gave the auditors an agreement dated 9 January 2003 to support the claim but later told them it did not exist then. The FSA then found the Gibraltar scheme only operated from 2004 and then only to an “ineffective standard”. Richardson later provided information about the scheme to the FSA purporting to ...