FCA fines adviser £140k for trousering premiums

In a notice from the regulator, Mr Cable was fined £140,000 for misleading a client by telling them he had arranged insurance policies for them when no such cover had been put in place.

As a result, he exposed the client to risk and retained premiums totalling more than £17,000.

The same broker was banned from certain roles by the FSA in 2009 after he misled a client into believing he had taken out four insurance policies on their behalf and collected premiums without arranging the policies.

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Tracey McDermott, the FCA’s director of enforcement and financial crime, said the size of the fine reflected the fact that Mr Cable had been repeatedly dishonest while already subject to disciplinary proceedings, citing “flagrant disregard” of his obligations and the “systematic misleading” of the client and regulator.