'Sleeping' director fined £25k for role in £2m insurance scam

Although not a participant in the fraud, Barry Williams ignored his responsibilities as an approved person by "turning a blind eye" to the scheme, the FSA says. The scam targeted leading London market insurers. Between January 2005 and August 2006, Surety Guarantee Consultants (SGC), where Williams was a director, held binding authorities with insurers Markel and QBE. However, the FSA says SGC wrote business that exceeded its authorised limits, exposing Markel and QBE to greater liabilities than they had agreed. In doing so, SGC made secret profits and withheld over £2m that should...