Broker banned and fined £195k for insurance fraud

Laura Miller
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The Financial Services Authority (FSA) has fined an insurance broker £195,117 for insurance fraud and banned him from carrying on regulated financial services.

John Folan was a director and adviser at Key Mortgage Associates, a small mortgage and insurance intermediary in Brentwood, Essex. The penalty is made up of a £70,000 fine and the disgorgement of £125,117 which Folan obtained through commission. Between January 2008 and September 2009 Folan submitted at least 54 applications for life assurance and protection policies in his name, his wife's name and in the name of family members. He made these applications without their knowledge and in three of them he also falsified signatures of family members. In each case Folan provided his...

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