Synergys Ethical Limited, a Hertfordshire broking firm operated by Mark Hazelwood, took premiums from doctors but didn’t pass them on to the insurance companies, leaving doctors uninsured. Synergys was referred to enforcement when the FSA became aware that one of Hazelwood’s customers had attempted to make a claim on their policy, but received no payment. Hazelwood ignored any attempt at contact by his clients, a fact borne out by computer email evidence later seized. Further investigation showed that Hazelwood had failed to pass to insurers almost £360,000 in customers’ premiums. In October 2008 the FSA took action to stop Synergys’ regulated business and issued a consumer alert warning that the firm was no longer permitted to conduct any regulated activities and may have failed to pass on clients premiums to insurers.
Hazelwood has now been banned from performing any regulated activity in the financial services industry as he allegedly lacks the honesty and integrity required to hold this type of position.