The FSA has settled proceedings under the Financial Services and Markets Act 2000 (FSMA) against Hogarth Underwriting Agencies and its managing director William Dewsall.
The FSA claimed both Dewsall and Hogarth were involved in alleged breaches by CIC of the general prohibition on carrying out regulated insurance activities in s19 FSMA.
The allegations were denied.
The FSA said it has worked with Hogarth and Dewsall to reach a settlement and secure an appropriate outcome for policyholders.
As part of the settlement Hogarth has put arrangements in place with Brit so policyholders are insured on the same terms as those offered by CIC.
