An insurance director banned and fined by the the Financial Services Authority (FSA) for allowing a £1.43m fraud which ended up bankrupting his company has had his appeal refused at the Upper Tribunal.
David John Bedford was director and responsible for managing the Financial Risk Division of ESR Insurance Services Ltd. The FSA decided to ban and fine Bedford £100,000 - reduced to £10,000 due to hardship - in June 2010, but he referred the decision to the Upper Tribunal Yesterday the Tribunal backed the FSA's action against Bedford, on the grounds that he is not a fit and proper person. Bedford placed surety bonds - guarantees to pay a loss sustained as a result of a breach of contractual obligations - and related insurance with an American national named Wendell Clemons. The...
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