An insurance broker has been banned from working in the financial services sector after it emerged that his incompetence was putting customers and clients at risk.
Alexander Brincat was the sole proprietor and only broker working for the ironically named Wise Owl Services.
The Financial Services Authority (FSA) withdrew his permissions and exiled him from the industry after examining failings made between September 2009 and August 2010.
It emerged that he had failed to monitor the high cancellation rate of life insurance policies sold by his firm and neglected to tell his providers that he used a sales strategy of offering free life cover to customers.
Mr Brincat also left the UK for prolonged periods without leaving adequate compliance arrangements in place for his company.
''Alexander Brincat's incompetence at Wise Owl posed a risk to other market participants and to confidence in the financial system," said FSA acting director of enforcement and financial crime Tracey McDermott.
"In order to remove this risk Brincat has been banned. We will continue to take action against individuals who, either through incompetence or fraudulent activity, allow their firms to cause such losses to other market participants.''
Meanwhile, the FSA recently continued its crackdown on land banking by securing a summary judgement against Stephen Watkins, who traded as Consolidated Land UK.
Posted by Claire Robin