The Financial Services Authority (FSA) has banned ICM Group Ltd for practices which put consumers at risk.
The FSA found the firm failed to pass on premiums to insurers, leaving clients potentially uninsured. In addition, ICM used client money to run the day-to-day activities of its business.
As a result of its investigation, the FSA has also banned the company’s two directors Ian Paul Ruff and Jon Uglow Batchelor from conducting any further regulated activities after finding them not fit and proper to work in the insurance industry.
PFS appoints president
The Personal Finance Society (PFS) has appointed Carole Nicholls as its president.
Speaking on her appointment, she said: “My theme for the year is that ‘actions speak louder than words’ and I want to see hard evidence of professionalism taking deep root.
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MoneyExpert.com urges fixed rate review
MoneyExpert.com has urged homeowners on fixed rates to review their mortgage deals.
Over a million homeowners who took out a fixed rate three years ago could risk seeing their repayments increase massively.
People whose three-year deals are due to expire will be moved to average APRs of around 6.55 per cent – two per cent higher than the rate adopted by homeowners in 2003.
