An industry veteran insists he had no warning from regulator before being told he was struck off
An 80-year-old Maidstone broker struck off by the FCA for failing to pay fees says he is baffled by the regulator’s action.
David Sayer, who trades as D M Sayer & Co (Insurance), told Insurance Business UK the news came out of the blue in a phone call. “No-one had contacted me and I don’t really know what it’s about,” he said. “I was contacted [by the FCA] this morning and I still don’t really know what it’s about.”
The FCA issued a Final Notice on 14 April, cancelling Sayer’s Part 4a permission after he had failed to pay £1,222.96 in ‘fees and levies’ due on 6 September 2015.
Sayer said he had been planning to retire but had ‘no idea’ where the FCA action now left him. He said his company serves around 100 commercial and private clients, selling ‘mostly household’ policies. He has been in business for around 40 years and is in the process of trying to sell his firm.
Asked how matters with the FCA now stood, Sayer said: “They’re going to write to me, I believe.”
Insurance Business UK has approached the FCA for comment.
