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FSA/PN/113/2006
3 November 2006

The Financial Services Authority (FSA) has today banned Mr Christopher Edward Whiteley from performing any function in relation to regulated activities after it found that Whiteley Insurance Consultants (WIC) had left thousands of consumers without proper insurance cover.

The ban follows a High Court winding-up order made against WIC on 15 June 2005. The order was as a result of an FSA petition against WIC on public interest grounds.

The FSA found that between November 2000 and April 2005 Mr Whiteley, through WIC, had issued customers with travel insurance policies that were not underwritten by an authorised insurer. This meant thousands of WIC customers were exposed to the risk of loss and detriment in the event they had to submit a claim.

The FSA has also issued a statement of misconduct in respect of his former business partner, Mrs Janice Susan Whiteley, for not meeting the standards required in her position as an approved person at WIC.

Jonathan Phelan, Head of Retail Enforcement at the FSA said:

"Mr Whiteley exposed his customers to unnecessary risk, and potential hardship if they had tried to claim on their policies. The FSA will not tolerate insurance brokers who put customers at risk by failing to ensure that their business is properly underwritten by an authorised insurer.

"Senior managers, particularly those subject to the approved person regime, must take seriously their responsibility to ensure that consumers are adequately protected and treated fairly."

Notes for editors

1. Whiteley Insurance Consultants was based in Halifax, West Yorkshire.
2. The full text of the Final Notices which includes the background to the case, the relevant statutory provisions, and the regulatory requirements contravened are available on the FSA website.
   Mr Christopher Edward Whiteley [PDF]
   Mrs Janice Susan Whiteley [PDF]
3. On 26 April 2005, the High Court in London appointed Provisional Liquidators to Whiteley Insurance Consultants (Whiteley). Following this, the FSA published a consumer alert on its website that people who had a policy with Whiteley Insurance Consultants (also trading as Kingfisher Insurance Services and Kingfisher Travel Insurance) may need to arrange new cover immediately.
4. Policyholders who have outstanding issues with WIC can contact WIC's liquidators D Y Schwarzmann and N E Reed of PricewaterhouseCoopers LLP on 01422 348 411.
5. The FSA regulates the financial services industry and has four statutory objectives under the Financial Services and Markets Act 2000: maintaining confidence in the financial system; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and reduction of financial crime.
6. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness