The FSA found that, since June 2007, King submitted applications for 39 fraudulent life assurance policies – 30 of which were in the names of applicants whose personal details were either wrong or who knew nothing about the applications – in order to benefit from commission payments in excess of £250,000.
King admitted that his plan was to submit the policies, claim the commission and use the money to settle substantial outstanding debts.
Margaret Cole, FSA director of enforcement, said: “Peter King acted dishonestly and without integrity and posed a risk to consumers and to confidence in the financial system as a whole. The FSA will not hesitate to take action against individuals or firms who break our rules and put customers at risk of fraud.”
The FSA would have imposed a substantial fine on King in addition to the ban to reflect the seriousness of this case. However, the regulator has taken into account the fact that King is now bankrupt and unable to pay a fine so has decided not to impose any financial penalty in this case.
