Eric Lung not a “fit and proper person,” regulator says
The FSA has stopped former Coversure Insurance Services franchisee Eric Lung from trading for not being a “fit and proper person.”
Lung ran a Coversure franchise in Croydon until August last year, when Coversure cancelled Lung’s franchise, shut the branch and moved the clients to its Wimbledon office.
The regulator said that Lung had “failed to ensure that his affairs are conducted soundly and prudently and in compliance with proper standards” according to a final notice issued yesterday.
Coversure franchise director Bob Darling said the firm cancelled Lung’s franchise due to his regular absenteeism.
Darling said: “He was an absent franchisee. It’s not the way we operate, we’re very hands-on.”
Insurance Times understands that Lung may have left the country and moved to Hong Kong.
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