Brokers banned by FSA for mishandling clients' money
The Financial Services Authority (FSA) has banned two broker directors - Delwyn Way of Shield Insurance Consultancy and Adrian Shillaker of Griffiths McAlister Insurance Brokers - for failing to adequately protect clients' money and assets.
Mr Way was 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 fine covered the estimated amount of client money and assets that he embezzled from Shield's client money account to fund business and personal expenses.
Mr Shillaker was banned from working in financial services with immediate effect for knowingly transferring client money to Griffiths McAlister's business account to fund
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