FCA publishes final notices on client money

The FCA has published final notices in respect of One Call Insurance Services Limited and its majority shareholder John Radford for breaches in relation to client money and assets in the general insurance and protection sector. The final notices follows the decision notices that we reported on in January 2018.

As planned, the FCA has fined the firm £684,000 and restricted it from charging renewal fees to customers for a period of 90 days (down from the planned 21 days),  which would cost it around £4.7 million.

In addition the FCA has fined Mr Radford £468,600 and prohibited him from having any responsibility for client money and/or insurer money in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.