FSA has fined an insurance broker £21,000 for breaches of Principles 3, 7 and 11 for systems and controls failings in handling appointed representatives and for misleading its clients and FSA. FSA found the firm, which manages insurancerelated property repairs, and has 24 ARs, did not:
- properly assess suitability of ARs;
- give the ARs proper training on regulatory requirements; or
- monitor ARs' activities to the right levels.
Also, the firm misled customers by telling them its work was free, when it could on occasion charge and by claiming it screened all contractors, when it did not. It misled FSA by statements in its RMAR on its checking and monitoring of its ARs.