FSA cancels insurance broker without giving reason
The Financial Services Authority has stripped the permissions to carry out regulated activities from insurance intermediary Eric Lung, stating that it has found him to not be a fit and proper person, though it has given no further detail on the decision.
Mr Lung operated the Croydon branch of insurance brokerage Coversure Insurance Services. According to a statement on its website, as of 9 August last year its Croydon office has closed and business has been transferred to its Wimbledon office.
In its final notice, the FSA said Mr Lung “has failed to ensure that his affairs are conducted soundly and prudently and in compliance with proper standards”.
Also, the regulator says Mr Lung’s conduct failed to meet the required standards in terms of relations with regulators and cooperation with the FSA.
The FSA gave no further detail on the move except to state that Mr Lung had been previously issued with both a warning notice and decision notice, and that he did not refer the matter to the Upper Tribunal.