FSMT has agreed with FSA's decision to make a prohibition order against Stephen Fryett banning him from performing any function in relation to any regulated activity. This followed his intimate involvement with the purported writing of insurance in the UK by two unauthorised companies. FSMT decided that Mr Fryett clearly knew of the breaches by the insurance companies and that the only appropriate sanction FSA had available to it was a prohibition order. So it supported FSA's decision.