The Financial Services Authority (FSA) has banned Paul Cable, director of Media and Entertainment Insurance Services, from acting as an approved person, for attempting to overcharge a client by £89,000.

Bromely-based Media and Entertainment specialised in arranging insurance for the entertainment industry, including advertising and television commercials.

In January 2007, Mr Cable arrange two insurance contracts for a client via another broker and in doing so inflated the cost of the insurance and falsified documents in a deliberate attempt to overcharge the client.

The FSA accepts that this was an isolated incident and says that Mr Cable made a full and frank admission of his misconduct.

However, the regulator’s head of retail enforcement, Tom Spender, comments: “Attempting to overcharge even one client is completely unacceptable behaviour.”

 

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