The fraudster had previously pleaded guilty in June this year to fraud by false representation, money laundering, forgery and to the offence of being an unauthorised broker.
The watchdog, which announced new rules earlier this year, is canvassing brokers about their readiness to implement the remedies.
The total amount fell by 15% from £224.4m in 2019/20 as the regulator also outlines its response to the pandemic and other actions taken last year in its annual report for 2020/21.
Industry experts say firms need to focus on fair value after the regulator reveals plans to be tough and forward-looking.
Watchdog to focus on innovation and tackling misconduct as it aims to to become a "forward-looking, proactive regulator".
But the deal is still on hold as a November trial looms in the United States and the New Zealand Commerce Commission also raises competition concerns.
The regulator says LBGI sent renewal communications including misleading language between 2009 and 2017.
Specialists have discussed the issues surrounding client money handling, highlighting what the Financial Conduct Authority and brokers ought to do in order to avoid non-compliance.
The regulator is consulting on policy options to drive D&I in financial services as it warns lack of representation can “weaken the quality of decision-making”.
The watchdog said scammers were using the details of an authorised firm to defraud customers.
The Financial Conduct Authority has written to intermediaries to remind them it will fine businesses if misconduct occurs as it highlights key failings.
The Financial Services Compensation Scheme is unfair and discriminates against best practice says Mike Cranny
Compliance expert Branko Bjelobaba urges commercial lines brokers to pay attention as the FCA zones in on fair value across the whole of the insurance sector.
Hiscox and the Hiscox Action Group said the arbitration proceedings have been resolved "to the mutual satisfaction of all parties".
The two brokers have said they disagree with the move after the DoJ warns merger would “create a broking behemoth” and “threatens to eliminate competition, raise prices and reduce innovation”.
Niche brokers say they have no choice but to use unrated insurers as compliance experts call for a change of the "unfair" FSCS levy system after the scheme steps in to pay claims following Gefion's bankruptcy.
New rules and the threat of reputational damage from public outcries are pushing brokers and clients to re-evaluate how they approach environmental, social and governance issues, writes Edward Murray
While many brokers have prepared for the impact of Brexit, some clients are still struggling. Edward Murray reports
Aviva’s James Johnston explains how changing attitudes and new corporate governance measures could affect companies
James Sharp on why a proposed annual levy on ARs amounts to a tax on small brokers
Brokers and insurers could face increased scrutiny as the Financial Conduct Authority zones in on fair value. Martin Friel investigates what this means for insurance businesses
While insurance experts have welcomed the regulator's new rules on pricing, coming into force in January 2022, some warn that the reforms will present challenges for the sector.
The regulator has said that the new rules on pricing, auto-renewal and data reporting remedies come into effect on 1 January 2022.
Which topics have caught brokers’ eyes this spring?