FCA fines and bans insurance broker for submitting false paperwork

The FCA has banned a director of an insurance coverage intermediary company and fined him £7,200 for submitting false paperwork to insurers.

Philip Eley, a director at Eley Insurance Companies Limited, deliberately falsified no claims low cost letters relating to 10 customers’ policies and submitted them to an insurer.

Eley Insurance coverage Companies is an insurance intermediary covering industrial insurance, rental properties insurance, household insurance coverage and car insurance.

In October 2012, an insurer wrote to the company requesting copies of 30 customers’ files to be reviewed as element of a periodic audit.

Eley advised the FCA that when getting ready the files he found that no claims discount letters had been missing from 10 files. He explained he ”panicked” and falsified the missing letters.

The regulator says he failed to act with integrity and “poses a serious danger to shoppers and to self confidence in the monetary system”.

It has banned him from carrying out any function in relation to any regulated action.

Eley agreed to settle at an early stage of the investigation and as a result experienced for a 30 per cent discount. Had he not completed so, the fine would have been £10,286.

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