FSA bans and fines broker for insurance fraud
The Financial Services Authority (FSA) has fined John Folan £195,117 for insurance fraud and prohibited him from carrying on regulated financial services.
The regulator explained the penalty was made up of a £70,000 fine and the repayment of £125,117 which Mr Folan obtained through commission.
Mr Folan was a director and adviser at Key Mortgage Associates, a small mortgage and insurance intermediary in Brentwood, Essex.
Between January 2008 and September 2009 he submitted at least 54 applications for life assurance and protection policies in his name, his wife's name and in the name of family members. He made these applications without their
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