March 16, 2011

In an ideal world brokers would get paid for doing nothing. Clients would simply hand their money over without putting their brokers to the trouble of “arranging their insurances.”

This, at least, was the model for the short-lived utopia created by insurance brokerage Ideal Insurance whose director Faron Wilson could be facing a five year custodial sentence after being accused – along with co-director Neil McKay – of milking clients of their money without bothering to pass any of it on to insurers such as Willis, RJ Kiln and Lloyd’s, none of whom had ever heard of Ideal.

As the pair went to trial at Southwark Crown Court on 14 April Jenny Goldring commented: “Both gentlemen milked the bank account of the proceeds of the fraud. These weren’t bonuses or commission, they were profits of a fraud that both men were milking.”


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