Insurance agents banned for illegal trading
Stephen Fryett and Richard Baines have been banned by the Financial Services Authority from performing regulated financial services roles.
Mr Fryett acted as a director of CIC Greece and was also involved with CIC Costa Rica. While neither were authorised to carry out insurance business in the UK, he encouraged a number of UK insurance brokers and underwriting agents to issue insurance contracts.
One of those brokers was Insureyourshop.com, run by director Richard Baines, which issued approximately 1,800 insurance contracts. Some of these included employers' liability policies supposedly underwritten by CIC Greece or CIC Costa Rica
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