Banned broker faces bankruptcy over £200,000 FSA fine
A South Wales-based insurance broker has been banned from working in the financial services industry and fined £212,237 by the Financial Services Authority (FSA).
Harbinder Panesar was the director of Motorcare Elite, which is now in liquidation.
The FSA has cancelled the motor breakdown insurance firm’s permission.
An FSA investigation revealed that between August 2008 and December 2010, Mr Panesar misappropriated over £180,000 from Elite and Motorcare Warranties, another insurance broker he previously ran.
The regulator said Mr Panesar’s fine also took account of his reckless operation of Elite, which included allowing the sale of his product Supreme
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