FSA bans director Peter King and his firm New Forest Mortgage Company Ltd
Margaret Cole
The FSA will not hesitate to take action against individuals or firms who break our rules and put customers at risk of fraud. 
FSA/PN/134/2008
18 November 2008
The Financial Services Authority (FSA) has banned Peter King and his firm New Forest Mortgage Company Ltd for knowingly submitting applications for fraudulent life assurance policies.
The FSA found that, since June 2007, King submitted applications for 39 fraudulent life assurance policies – 30 of which were in the names of applicants whose personal details were either wrong or who knew nothing about the applications – in order to benefit from commission payments in excess of £250,000.
King admitted that his plan was to submit the policies, claim the commission and use the money to settle substantial outstanding debts.
Margaret Cole, FSA director of enforcement, said:
“Peter King acted dishonestly and without integrity and posed a risk to consumers and to confidence in the financial system as a whole. ”
The FSA would have imposed a substantial fine on King in addition to the ban to reflect the seriousness of this case. However, the regulator has taken into account the fact that King is now bankrupt and unable to pay a fine so has decided not to impose any financial penalty in this case.
Notes for editors
- Peter King was the sole director of mortgage and insurance broker New Forest Mortgage Company Limited.
- New Forest Mortgage Company Ltd is based in Bournemouth. The Final Notice for the firm and Peter King includes the background to the case, the relevant statutory provisions and the regulatory requirements contravened and the factors taken into account when settling the level of any fine.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.