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Insurance broker banned for attempt to overcharge client

Insurance broker banned for attempt to overcharge client

The director of a UK-based insurance firm has been banned from practicing in the country's fiscal sector for at least two years by the Financial Services Authority (FSA) after he breached regulations laid down by the body.

FSA investigations revealed that Paul Cable, director of Kent-based Media and Entertainment Insurance Services Limited, had attempted to overcharge one of his firm's clients by £89,000, a crime which has also resulted in the company's license to undertake regulated activities being revoked.

This penalty comes following an incident in January 2007, in which Mr Cable - who was the organisation's only practitioner registered with the FSA - inflated the costs of a premium and also falsified two documents in an attempt to get more money from the client.

FSA head of retail enforcement, Tom Spender, labelled this behaviour as "completely unacceptable and added: "Cable's actions call into question his integrity and show that he is not a fit and proper person."

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Posted by Richard Saunders