Intermediary receives FSA fine and ban for 'turning blind eye'
The Financial Services Authority (FSA) has fined an intermediary £25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded Markel and QBE, through its agent Amalfi, of more than £2m.
The FSA found that while Barry Williams, a director of Surety Guarantee Consultants (SGC), had not participated in or directly profited from the fraud, he deliberately ignored his responsibilities as an approved person, turning a blind eye despite clear warnings about the true nature of the scheme. He was found to have lied to the insurers to hide the scheme, allowing himself to become involved in the fraud.
SGC was established in 2004 to write surety bonds and held binding authorities with its
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