Following FSMT upholding FSA's actions against Stephen Fryett (see FReD This Week 21 November), it has banned him, and a broker involved with his business, from performing any role in relation to regulated activities. The actions of these individuals meant many UK customers were not properly insured because they took insurance from CIC Greece or CIC Costa Rica, neither of which was a properly authorised insurer. Mr Fryett encouraged Mr Baines' brokerage to sell these policies. FSA had already banned the controller of the two companies.
(Source: FSA/PN/137/2008 and Final Notices)