Context
The FCA has published a Final Notice confirming that a former Director of and CF1 Approved Person at an insurance broker, Professional Construction Risks Limited, has been banned from holding any future Senior Management or Controlled Functions at authorised / exempt firms. Between June 2016 and December 2019, Mr Cooke was the CF1 Director at the firm, as well as being Responsible for Insurance Mediation / Distribution between June 2016 and May 2022.
Key points to note and next actions
- On 28th February 2023, Mr Cooke received a police conditional caution in respect of an offence that occurred on 19th October 2019.
- Mr Cooke admitted that he committed fraud in that he dishonestly made a false representation, by setting up a public liability insurance policy for Victims A and B on behalf of Company C, knowing that the funds would not be passed onto the insurer, intending to make a gain for himself of £3,822 contrary to sections 1 and 2 of the Fraud ACT 2006.
- The issue became known when a claim was made on the insurance policy. In November 2020, after various discussions with Mr Cooke about the claim and the policy, and after a call to the insurer, the fact that there was no policy was ascertained. As a result, the insured Company failed and went into liquidation.
- On the basis of the facts and matters set out in the Notice, it appears to the FCA that Mr Cooke is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.