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Release Date: 1st February 2016

To access the original FCA document, click here.


The FCA fined Shay Jacob Reches £1,050,000 and imposed an additional penalty of £13,130,000, prohibiting him from performing any function in relation to regulated activities. The penalties stem from his involvement in failed insurance schemes linked to companies like ERIC, Balva, and Millburn, leading to substantial claims against the Financial Services Compensation Scheme (FSCS). Reches was found to lack integrity and act recklessly by misdirecting insurance premiums, resulting in insurers’ inability to pay claims, contributing to their administration and significant liabilities for the FSCS.

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