FSA puts ban on ICM Group


In early November, the FSA cancelled ICM Group's permission to carry on regulated activities. It also barred the company's two directors, Ian Paul Ruff and Jon Uglow Batchelor, from "conducting any further regulated activities after finding them not fit and proper to work in the general insurance industry".

In failing to pass on premiums to insurers - to whom they owed over £35,000 - ICM left up to 300 customers potentially uninsured. ICM had also allegedly used client money in order to run the business itself.

Jonathan Phelan, from the FSA's enforcement division, said: "ICM had serious failings which put customers at risk. The FSA will not tolerate the failure by brokers to ensure customers are covered appropriately by an underwriter."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here