Three insurance fraudsters banned by City watchdog
The Financial Services Authority (FSA) ruled that Timothy Higgins, Clifford Felstead and Ralph Brunswick would be banned from operating in regulated financial services after they were involved in a scam that defrauded three insurance firms and exposed them to significant losses.
Higgins, director and founder of a firm known as Surety Guarantee Consultants (SGC), would also have been fined 600,000 if he had not recently been made bankrupt.
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Hide AdBrunswick was also disqualified as acting as a director for 13 years and six months by the Isle of Man regulator last year.
Margaret Cole, FSA director of enforcement and financial crime, said: "All these men fell woefully short of the standards expected of them. They abused the trust placed in them by leading London insurers in order to make a profit for themselves."