FSA bans two insurance brokers
The Financial Services Authority (FSA) has taken action against two insurance brokers - Delwyn Way of Shield Insurance Consultancy and Adrian Shillaker of Griffiths McAlister Insurance Brokers for failing to adequately protect client’s money and assets.
Shield’s director, Delwyn Way, has been fined £77,957 and banned from working in financial services for putting clients at risk by failing to ensure their insurance premiums were passed onto insurers.
The FSA said the fine covers the estimated amount of client money and assets that Mr Way embezzled from Shield’s client money account to fund business and personal expenses.
Griffiths McAlister’s director, Adrian Shillaker, has been banned from working in financial services with immediate effect
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