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Enforcement cases

From time for time we will include details of interesting enforcement actions which have specific relevance to the insurance sector.

Zurich fined by FSA for systems and controls failings (24 August 2010)

In August 2010, the FSA fined the UK branch of Zurich Insurance Plc (Zurich) £2,275,000 for breaches of Principle 3 and FSA Handbook rules SYSC 3.1.1R and SYSC 3.2.6R. The breaches occurred during the period 1 August 2007 to 14 August 2009.

Zurich Insurance Plc

FSA fines and bans Scottish broker Donald McKee £335,204 for fraud and bans and censures his wife (February 2012)

On 11 May 2012, the FSA published final notices for Donald McKee Morgan and his wife Janet Morgan. Donald Morgan, a partner in the firm of Donald Morgan Insurance Services (DMIS) based in Ayrshire, Scotland, has been fined £335,204 for committing insurance fraud, whilst Janet Morgan, the only other partner at DMIS, has been publicly censured. Both have been banned from carrying out any regulated financial services activity in the future.

Donald Morgan

Janet Morgan