FSA Bans Introducer Appointed Representative Following Upper Tribunal’s Decision


On 22 May 2012, the FSA published a final notice issued to appointed representative Derek William Wright. The notice prohibits Mr. Wright from performing any function in relation to any regulated activity on honesty, integrity and competence grounds. Mr. Wright was the controller of Moorgate Insurance Agencies Ltd, a small insurance broker. Mr. Wright had acted dishonestly, with a lack of integrity and was found to have a reckless attitude to compliance with regulation. He had been disciplined by the Lloyd’s Disciplinary Tribunal for conducting insurance business in a discreditable manner. He had also performed controlled functions without approval, submitted inaccurate and misleading capital information to the FSA and failed to co-operate with the FSA.

Mr. Wright had referred the FSA’s original decision notice to the Upper Tribunal (Tax and Chancery Chamber). The Tribunal had dismissed the reference and directed the FSA to issue a prohibition notice against Mr. Wright. Final Notice.


Published In: Administrative Agency Updates, Business Torts Updates, Civil Remedies Updates, Finance & Banking Updates, Insurance Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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