The FSA has banned Christopher Whiteley from acting as a broker.
Whiteley Insurance Consultants (WIC) had issued thousands of travel insurance policies that were not underwritten by an authorised insurer. The High Court wound up WIC in June this year.
Jonathan Phelan, Head of Retail Enforcement at the FSA, said: "Mr Whiteley exposed his customers to unnecessary risk, and potential hardship if they had tried to claim on their policies. The FSA will not tolerate insurance brokers who put customers at risk by failing to ensure that their business is properly underwritten by an authorised insurer.
"Senior managers, particularly those subject to the approved person regime, must take seriously their responsibility to ensure that consumers are adequately protected and treated fairly."
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