FSA announces first enforced cancellation since GI day
The Financial Services Authority has cancelled Xsavi Limited's permission for failing to conduct its business in compliance with proper standards and for having inadequate financial resources. The regulator said this is the first enforcement cancellation on conduct of business grounds taken against a general insurance firm since the FSA took over the regulation of general insurance in January 2005.
In a statement the FSA said: "Between 1 and 25 February 2005, Xsavi claimed to be acting as agent for an insurer and to have authority to bind the insurer when it did not.
"As a result, 2000 customers
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