A BROKER has been fined and banned after admitting falsifying insurance documents.
Phillip Eley faked ten no claims discount letters because they were missing from his clients’ insurance applications.
Instead of asking for them to be sent on, Mr Eley, a director at Eley Insurance Services, based in Stanway, panicked and manufactured the certificates using headed paper from his clients’ former insurers.
He then included the fakes in customers’ fresh insurance applications.
In its judgement, the Financial Conduct Authority (FCA) said Eley posed “a serious risk to customers and to confidence of the financial system” and is no longer “a fit and proper person”.
Mr Eley, who no longer works for the company, was fined £7,200 for the scam, which he carried out between October and November 2012. He made no financial benefit as a result of the fraud.
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