FSA has banned five individuals for insurance fraud. It has also fined some of them, including imposing a record fine in this area of £150,000. One individual recklessly failed to put in place insurance policies despite receiving customers’ money. He also provided forged documents to insurers and failed to correspond with FSA. The other four individuals worked for the same firm. One director misused clients’ money to set up an online trading site. He then went bankrupt and set up three other individuals as directors of the company so it could continue to trade. These individuals did not show the necessary competence for their roles. In both cases, clients risked being uninsured. Margaret Cole said FSA would continue to take action against those who commit insurance fraud and those who fail to take action to prevent it.