The Financial Conduct Authority (FCA) has issued final notices for One Call Insurance Services and for chief executive and majority shareholder John Radford.
In January this year the regulator published its decision notices (dated 13 June 2016) fining Radford £468,600 and One Call £648,000 for client money handling failings.
The Doncaster-headquartered firm which specialises in car, van and home insurance also faced a £4.62m hit from being banned from charging customers renewal fees for 121 days.
The watchdog noted in January that a connected company – One Insurance Limited – had referred the cases to the Upper Tribunal.
The final notices were issued on 30 August.
The document for One Call noted that “reference to the tribunal was withdrawn by the third party on 7 July 2018”. It also revealed that the restriction on charging renewal fees would start on 1 October and last for 90 days rather than 121.
However the watchdog stated that due to the growth of the business since 2016 this would now cost the company £4.7m.
Meanwhile Radford’s ban has kicked in with the publication of his final notice.
Both documents set a deadline of 13 September for the fines to be paid.
Article is care of www.insuranceage.co.uk
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