FSA fines director for appointed representative control failings

In September 2006, Holmes appointed an AR without carrying out the necessary checks, using only assurances from two business contacts. In February 2007, an insurance underwriter advised Holmes that the AR had premiums outstanding but he relied on assurances from the AR that the premiums had been brought up to date rather than checking further. When the AR appeared to have problems paying insurance premiums promptly to AIF, Holmes failed to increase his monitoring in any way and nor did he investigate the way the AR was carrying out its business. Following a complaint made by a clie...