The FCA has fined former insurance adviser Ralph Whittington £42,111 for causing his firm to “misappropriate” insurance premiums and has banned him from carrying out any function in relation to regulated activity.
Additionally, the FCA has withdrawn Mr Whittington’s approvals to perform controlled functions at Savesure Limited, an insurance intermediary, where he was a shareholder, due to his “failure to act with integrity.”
In January 2014 Mr Whittington told the FCA that Savesure had ceased trading, entering voluntary liquidation in July 2014.
Between March 2012 and December 2013, Mr Whittington caused Savesure to misappropriate insurance premiums paid to Savesure by clients for insurance. More money was transferred from Savesure’s client account to its business account than the company was entitled to as commission.
The final notice from the FCA said: “The authority considers that Mr Whittington is not a fit and proper person as he lacks honesty and integrity, and therefore considers it appropriate to withdraw Mr Whittington’s approvals to perform the CF28 and CF29 controlled functions in relation to Savesure.”
Mr Whittington agreed to settle at an early stage of the FCA’s investigation and therefore qualified for a 30 per cent (stage 1) discount.