The Financial Conduct Authority (FCA) has commenced criminal proceedings against Stephen Allen for allegedly helping to hide an investment scammer’s interest in a London property.

A convicted criminal accountant who defrauded a pension scheme of £292,000 has been ordered to repay the money.

The High Court has found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues in its business interruption insurance test case.

The FCA said today it would take legal action over business interruption (BI) insurance after concerns some insurers were failing to pay out or dragging their feet on claims.