Legal expenses insurer DAS UK has announced the suspension of its chief executive following an initial internal investigation.
The Bristol-based company, which has an alternative business structure licence, confirmed the suspension of Paul Asplin in a management update today.
Paul Timmins, chief operating officer, has been appointed acting chief executive.
The statement said: ‘A full investigation will now be conducted with the support of an independent firm. The financial strength of the business and the service which DAS provides to its clients is not affected.’
It added that relevant regulators – including the Financial Conduct Authority and Solicitors Regulation Authority – have been informed and will be kept updated with any developments.
DAS started its own law firm, DAS Law, in May 2013 following the acquisition of CW Law earlier in the year. Asplin is a non-lawyer manager of the ABS.