FSA fines broker

The Financial Services Authority has slapped a fine of £195,117 on a broker for insurance fraud and banned him from the finance industry.

John Folan, a director and adviser at the Essex group Key Mortgage Associates, submitted 54 applications for life assurance and protection policies in his name and those of his family members.

Tom Spender, head of retail enforcement at the City watchdog, said Mr Folan "lacks honesty and integrity".