Tribunal upholds FCA ban and £150k fine on insurance broker

The tribunal issued the judgement today following hearings last December and in January, however Jeffery may still appeal. It upheld the FCA's decision to fine Jeffries, the director of Jeffery Flanders (Consulting) Limited, and fine him £150,000. The tribunal accused Jeffery of showing "reckless disregard for the interests of his clients, which came a very poor second to his own". It found that the broker had retained clients' premiums without passing the premiums on to the underwriter. This had resulted in some clients not actually getting the household and motor insurances th...