FSA bans directors of BPS Insure for misuse of clients money

The Financial Services Authority (FSA) has banned three directors of London-based insurer BPS Insure for the misuse of client money. The directors failed to inform the FSA the company had a deficit of approximately £3m in its client account and that they had misused client money. Although no clients were directly affected, there was a risk that the directors' actions would have left clients without the cover they had purchased. The regulator has now issued a prohibition order against each

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