FSA bans Christopher Whiteley for failing to insure consumers
3rd November 2006The Financial Services Authority (FSA) has today banned Mr Christopher Edward Whiteley from performing any function in relation to regulated activities after it found that Whiteley Insurance Consultants (WIC) had left thousands of consumers without proper insurance cover.
The ban follows a High Court winding-up order made against WIC on 15 June 2005. The order was as a result of an FSA petition against WIC on public interest grounds.
The FSA found that between November 2000 and April 2005 Mr Whiteley, through WIC, had issued customers with travel insurance policies that were not underwritten by an authorised insurer. This meant thousands of WIC customers were exposed to the risk of loss and detriment in the event they had to submit a claim.
The FSA has also issued a statement of misconduct in respect of his former business partner, Mrs Janice Susan Whiteley, for not meeting the standards required in her position as an approved person at WIC.
Jonathan Phelan, Head of Retail Enforcement at the FSA said:
"Mr Whiteley exposed his customers to unnecessary risk, and potential hardship if they had tried to claim on their policies. The FSA will not tolerate insurance brokers who put customers at risk by failing to ensure that their business is properly underwritten by an authorised insurer.
"Senior managers, particularly those subject to the approved person regime, must take seriously their responsibility to ensure that consumers are adequately protected and treated fairly."
