FSA has banned Andrew Porter (former owner of Porter Insurance Brokers Limited, which no longer exists) and Alexander Brincat (owner of Wise Owl Services Limited, now in liquidation). It found Mr Porter had deliberately underinsured clients and kept the surplus money, misled clients into paying for unsuitable cover and falsified documents to mislead clients and insurers. It found Mr Brincat had failed to monitor the high cancellation rate of life insurance policies or to tell insurers his firm offered free life insurance, did not put in place compliance arrangements during long periods of absence, and failed to keep enough capital generally, or specifically to pay money owed to clients and providers. FSA also withdrew all permissions from Wise Owl. (Source: FSA Bans Insurance Brokers for Misconduct)