FSA bans authorised broker

Two UK insurance brokers have been banned from trading after the Financial Services Authority found that they knowingly breached market rules. Stephen Fryett, a director of CIC Greece and also involved with CIC Costa Rica - neither of which were authorised to carry out insurance business in the UK – persuaded Richard Baines, director of Insureyourshop.com, to issue insurance contracts in the name of CIC Greece and CIC Costa Rica.