Broker fined after faking no claims discount insurance documents

Gazette: Broker fined after faking no claims discount insurance documents Broker fined after faking no claims discount insurance documents

A BROKER has been fined and banned after admitting falsifying insurance documents.

Phillip Eley faked ten no claims discount letters because they were missing from his clients’ insurance applications.

Instead of asking for them to be sent on, Mr Eley, a director at Eley Insurance Services, based in Stanway, panicked and manufactured the certificates using headed paper from his clients’ former insurers.

He then included the fakes in customers’ fresh insurance applications.

In its judgement, the Financial Conduct Authority (FCA) said Eley posed “a serious risk to customers and to confidence of the financial system” and is no longer “a fit and proper person”.

Mr Eley, who no longer works for the company, was fined £7,200 for the scam, which he carried out between October and November 2012. He made no financial benefit as a result of the fraud.

READ FRIDAY'S GAZETTE FOR THE FULL STORY

Comments (2)

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6:14pm Thu 3 Apr 14

HARRY438 says...

Complex case- Heavy fine!
Complex case- Heavy fine! HARRY438
  • Score: 0

10:08pm Fri 4 Apr 14

Boris says...

Quite right that he has been banned from working as an insurance broker. The fine does seem a tad heavy but maybe that is the norm for this kind of offence.
Quite right that he has been banned from working as an insurance broker. The fine does seem a tad heavy but maybe that is the norm for this kind of offence. Boris
  • Score: 2

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