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FSA bans directors for misusing client money

Losses & Lawsuits

  • David Benyon
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LONDON - Three directors at insurance firm BPS Insure have been banned by the UK's Financial Services Authority (FSA) for failing to inform the regulator that BPS had run up a deficit of £3 million in its client account and had misused client funds.

BPS, which went into administration in 2005, was a small general insurance intermediary, specialising in non- investment insurance contracts for commercial and retail customers. The FSA said chief executive officer Robert James and directors Stewart Lawton and Paul Adams breached Principle 1 of the regulator's rulebook and had acted continually without integrity in knowingly failing to meet requirements, in particular using clients' money to pay general business expenses.
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