Broker's balatant misuse of client money leads to FSA lifetime ban
The Financial Services Authority (FSA) slapped a lifetime ban on broker David Marriott after he used clients' funds to support his businesses and to finance bonuses, salary increases and new cars.
The watchdog banned Mr Marriott, former chief executive of two insurance intermediaries, Target Underwriting and Professional Insurance Select, for failing to segregate and protect money from clients' insurance premiums.
The FSA said the two companies were run as one business under the control of Mr Marriott, who used 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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Markerstudy gets CMA greenlight to complete £1.2bn Atlanta deal
- FCA warns insurers, again, on undervaluing total loss motor claims
- Ajay Mistry launches insurance broker