The watchdog said Ewa Karczewska lacked honesty and integrity and repeatedly gave the FSA inaccurate or misleading information about her qualifications and experience.
In September 2010, Karczewska acquired 70% of website Think Finance from Boril Wdowczyk without seeking prior approval from the FSA.
Among the products the company deals with are critical illness cover and mortgage decreasing life insurance.
The FSA then investigated Karczewska’s suitability. During the assessment she first failed to submit her CV entirely, then submitted one with inaccuracies about her qualifications and experience.
Karczewska said she had obtained a qualification from South Bank University and the University of Warsaw but both told the FSA she had attended but not completed her courses.
Victoria Raffé, FSA director of authorisations, said: “Those firms and individuals authorised and approved by the FSA are in positions of trust. They have significant responsibilities, in particular to their customers, so it is vitally important that the FSA is tough at the gateway to make sure only the right firms and individuals come within the regulatory perimeter.
“Karczewska broke the rules by taking control of an authorised company without getting pre-approval, denying us the opportunity to assess her at point of entry. And when she did notify us, her repeated inaccuracies were a blatant attempt to undermine our assessment of her fitness to be a controller.
“Her conduct fell well short of the standards we expect.”
