FCA: Final Notice: Martin Sarl/Perry Prowse (Insurance Consultants) Ltd

By this Final Notice, FCA has fined the individual £5,021, has issued a prohibition order against him, and withdrawn his approval to perform the SMF3 function at the firm.  As a director at the firm for the relevant period, the individual had been responsible for the management of Perry Prowse’s business and, in particular, for handling client money and for passing on insurance premiums to insurers to ensure insurance cover for Perry Prowse’s customers.  FCA considered that he had acted dishonestly in his failure to pass premiums on to insurers and in his interactions with Perry Prowse’s customers and recklessly in relation to the handling of client money in the firm’s insurance brokerage business.  Had it not been for the individual’s financial circumstances, FCA would have imposed a fine of £63,600 (or £46,000 adjusted for a 30% discount if settled early).