Directors of insurance brokerage disqualified

TWO principal directors of Cork-based insurance brokerage, Frank J Murphy Insurance Brokers Ltd, have been disqualified by the Financial Regulator.

The decision was reached after “themed inspections” of the company by the regulator found that the firm was in breach of a number of regulatory requirements.

These breaches included a failure to lodge cash premiums, received by clients, to the firm’s client premium account; the improper handling and withdrawal of client premiums; the improper retention of client premium rebates, failure to keep proper books and records and a failure to notify the regulator of its breaches.