Former broker fined £500,000 over "serious failings"

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Stephen Goodwin, a former partner of Bury-based Goodwin Best, was found to have paid customer premiums directly into the firm's business account rather than the relevant insurer or intermediary between 2008 and 2010.

In total, Mr Goodwin, along with his now deceased business partner, hived off £303,846.

He has been banned from working in regulated financial services.

According to the FSA, the fine is one of the largest ever levied on an individual for fraud.

Tracey McDermott, the FSA's acting

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