FSA fines network director over poor PPI advice

David Head, of mortgage and insurance broker network FT Compliance Services (FTCS), has been fined £10,500 for failing to properly supervise insurance brokers with links to an individual previously disciplined by the FSA for PPI. FTCS operated as a network and recruited mortgage and insurance brokers as appointed representatives. Head was solely responsible for ensuring FTCS and its ARs were compliant but he failed to put in place systems and controls to ensure that the ARs made suitable recommendations, the FSA found. "Head therefore exposed customers to the risk of purchasing uns...