Insurance Brokers (Registration) Act 1977 (repealed)

15 Erasure from the register and list for crime, unprofessional conduct, etc. U.K.

(1) If a registered insurance broker or enrolled body corporate—

(a) is convicted by any court in the United Kingdom of any criminal offence, not being an offence which, owing to its trivial nature or the circumstances under which it was committed, does not render him or it unfit to have his or its name on the register or list, or

(b) is judged by the Disciplinary Committee to have been guilty of unprofessional conduct,

the Disciplinary Committee may, if they think fit, direct that the name of the insurance broker or body corporate shall be erased from the register or list.

(2) If it appears to the Disciplinary Committee that a registered insurance broker or an enrolled body corporate has contravened or failed to comply with any rules made under section 11 or section 12 of this Act and that the contravention or failure is such as to render the insurance broker unfit to have his name on the register or the body corporate unfit to have its name on the list, the Disciplinary Committee may, if they think fit, direct that the name of the insurance broker or body corporate shall be erased from the register or list.

[F1 (2A) The Disciplinary Committee may, if they think fit, direct that the name of a registered insurance broker or enrolled body corporate shall be erased from the register or list if it appears to the Committee that any responsible person has concluded that the broker (or a related person) or the body corporate has contravened or failed to comply with—

(a) any provision of the Financial Services Act 1986 or any rule or regulation made under it to which he or it is or was subject at the time of the contravention or failure; or

(b) any rule of any recognised self-regulating organisation or recognised professional body (within the meaning of that Act), to which he is or was subject at that time.

(2B) In subsection (2A) above—

(a) “responsible person” means a person responsible under the Financial Services Act 1986 or under the rules of any recognised self-regulating organisation or recognised professional body (within the meaning of that Act) for determining whether any contravention of any provision of that Act or rules or regulations made under it or any rules of that organisation or body has occurred; and

(b) “related person” means a partnership or unincorporated assocation of which the broker in question is (or was at the time of the failure or contravention in question) a member or a body corporate of which he is (or was at that time) a director.]

(3) Where—

(a) the name of a director of an enrolled body corporate is erased from the register under subsection (1) above, or

(b) a director of any such body corporate is convicted of an offence under this Act, or

(c) the name of a registered insurance broker employed by any such body corporate is erased from the register under subsection (1) above and the act or omission constituting the ground on which it was erased was instigated or connived at by a director of the body corporate, or, if the act or omission was a continuing act or omission, a director of the body corporate had or reasonably ought to have had knowledge of the continuance thereof,

the Disciplinary Committee may, if they think fit, direct that the name of the body corporate shall be erased from the list:

Provided that the Disciplinary Committee shall not take a case into consideration during any period within which proceedings by way of appeal may be brought which may result in this subsection being rendered inapplicable in that case or while any such proceedings are pending.

(4) If the Disciplinary Committee are of opinion as respects an enrolled body corporate that the conditions for enrolment in section 4 of this Act are no longer satisfied, the Disciplinary Committee may, if they think fit, direct that the name of the body corporate shall be erased from the list.

(5) Where a registered insurance broker dies while he is a director of an enrolled body corporate, he shall be deemed for the purposes of subsection (4) above to have continued to be a director of that body until the expiration of a period of six months beginning with the date of his death or until a director is appointed in his place, whichever first occurs.

(6) When the Disciplinary Committee direct that the name of an individual or body corporate shall be erased from the register or list, the registrar shall serve on that individual or body a notification of the direction and a statement of the Committee’s reasons therefor.

Textual Amendments

F1 S. 15(2A)(2B) inserted by Financial Services Act 1986 (c. 60, SIF 69), s. 138(4)