Lifetime ban for insurance broker

Mr Marriott was the former chief executive of two insurance intermediaries, Target Underwriting and Professional Insurance Select Limited (PISL).

The regulator found Mr Marriott failed to segregate and protect money from clients’ insurance premiums.

Target and PISL were run as one business under the control of Marriott who used the client money to support the day to day finances at both failing firms.

He also used client money to give himself and his staff bonuses and salary increases and to purchase a £27,500 car for a fellow director and a £35,000 car for himself.

These payments were made against a background of worsening trading positions and business being lost by Target.

His actions led to a client money deficit of £570,841 in the firms.

Marriott also provided false and misleading information to the FSA in his applications for authorisation in order to cover up his misuse of clients’ money.

He stated that client money was safe and that a client money audit had been conducted at the firms, when he knew both statements were false.

Mr Mariott was not fined by the FSA due to his financial position.

Margaret Cole, director of enforcement and financial crime at the FSA, said Mr Marriott acted with complete disregard for his clients by using their money for his own benefit when he knew his firms were failing.

She said: "He flouted regulatory requirements and deliberately misled the FSA about his activities.

"The FSA has repeatedly emphasised the importance of ensuring that client money is adequately protected and recent action in this area shows how our focus has intensified."

Simon Gowler, who was also a director of the firms, was fined £5,000 in July 2008 for failing to oversee the firms’ finances and client money controls.

Once he became aware of the firms’ trading position, however, he took immediate action.