FSA puts ban on ICM Group

LOSSES & LAWSUITS

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."