The FCA – Financial Conduct Authority has fined broker Martin Sarl £5,021.00 and permanently banned him from the financial services industry for acting without honesty or integrity.

Mr. Sarl, the sole director of Perry Prowse Insurance Consultants Ltd, failed to pass on client premiums to insurers between November 2017 and October 2019. This negligence meant that his customers were paying for protection they didn’t actually have, leaving them completely uninsured.

A Breach of Trust

The FCA investigation uncovered that Mr. Sarl diverted money from the firm’s client account to pay off personal and business debts. By law, client funds must be kept separate; by dipping into these accounts, Mr. Sarl breached fundamental client money rules.

Because the funds were misappropriated, there wasn’t enough money left to transfer the premiums to the insurance companies. This left families and businesses at risk of having home and car insurance claims rejected at their most vulnerable moments.

Hiding the Truth

When customers began to question the status of their insurance, Mr. Sarl knowingly hid the truth. He went as far as blaming a false “IT glitch” to cover his tracks.

The consequences were real: in one instance, a customer’s claim was rejected because the premium had never reached the insurer. They were left to face the financial fallout alone.

Therese Chambers, Joint Head of Enforcement and Market Oversight at the FCA, commented:

“Mr. Sarl’s customers trusted him to keep their money safe and to secure the insurance cover they needed. Instead, he helped himself to prop up his business and personal finances. He compounded this by lying to his customers… It is right that Mr. Sarl should be banned from the industry.”

The VINTTRO Takeaway

Stories like this are exactly why we emphasise transparency at VINTTRO Cover. When you insure through us, we don’t just go through the motions, we encourage and support you through the whole process up holding transparency at all times through out your customer journey together.

Your insurance requirements deserves more than a provider who cuts corners or hides behind “IT glitches.” We believe in total honesty, layered security and the peace of mind that comes from knowing your insurance is exactly where it should be.

Don’t leave your coverage to chance. Contact VINTTRO today to discuss our fully insured, secure storage options.