Content of Penalty:
The Financial Conduct Authority (FCA) has today published Decision Notices in respect of One Call Insurance Services Limited (One Call) and its Chief Executive and majority shareholder John Lawrence Radford.
A connected company to One Call, One Insurance Limited (OIL), has made a reference to the Upper Tribunal (the Tribunal) as a third party in relation to certain statements in the Decision Notices, where each party will present their case. The Tribunal will then determine the appropriate action for the FCA to take, which may or may not result in amendments to the Decision Notices. These Decision Notices are therefore provisional (so far as they refer to OIL) in light of the challenge being made in the Tribunal by OIL as a third party. The findings made in the Decision Notices also, so far as they refer to OIL, reflect the FCA’s belief as to what occurred.
The Decision Notice in respect of One Call sets out that the FCA has decided to fine One Call £684,000 and impose a restriction on One Call for 121 days from the date the Final Notice is issued, so that One Call is restricted during that period from charging renewal fees to its customers, which is anticipated to cost the firm approximately £4.6 million.