FSA bans three over £2m insurance fraud

The FSA has banned Timothy Higgins, Clifford Felstead and Ralph Brunswick for a scheme which defrauded Markel International Insurance Company, QBE Insurance and Amalfi Underwriting between 2005 and 2007. Higgins was a director and founder of Surety Guarantee Consultants (SGC), a firm established in 2005 to write surety bonds. Felstead was an employee of SGC in a management role. SGC held binding authorities with London market insurers, Markel and QBE, through Amalfi, to issue surety bonds. The FSA found SGC wrote business that exceeded its authorised limits, exposing Markel and QBE...