FSA bans broker for insurance failings

McKay, of Ideal Insurance Services in Chorley, was also found to have failed to pass premium payments taken from clients on to other intermediaries or insurers as required. In addition, he failed to disclose in his application to be an approved person that he had been convicted in 1996 of eight counts of obtaining property by deception and sentenced to eight months imprisonment. The failings were identified during a FSA visit in April, after which the Ideal's permission was suspended. McKay has been banned from any financial services functions as he is not a fit and proper person in term...