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UK director fined GBP1 million for misusing insurers' money

( November 11, 2024, 11:53 GMT | Official Statement) -- MLex Summary: A UK director has been fined 1.1 million pounds and banned from working in the financial services industry for misusing funds due to insurers and misleading the Financial Conduct Authority. Leigh Mackey, director of insurance broker Inspire Insurance Services, used funds due to insurers to support his business’s operating costs and to pay his personal living expenses. Inspire also submitted regulatory reports stating it had carried out client asset audits that were never undertaken. Inspire owes insurers 660,000 pounds, the FCA said.Statement below, decision notice attached. ...

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