IFA banned for using client funds to run business

clock

The Financial Services Authority has banned an IFA from carrying out any regulated activities after he used client money to fund his day-to-day business.

Nigel Layton, director of Powell Price & Company, has been declared by the FSA in a final notice as “not fit and proper to work in the regulated financial services industry”, after he failed to pass on client premiums to insurers, leaving clients uninsured. The IFA, which mainly conducted insurance business, was found to have “knowingly and deliberately accepted clients' insurance premiums which he failed to pass over to the relevant insurers and intermediaries”, leaving at least 16 clients uninsured. In addition the FSA says Layton, who has accepted he was solely responsible for the ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

SFO secures six-figure confiscation order against Axiom Legal Financing fraudster

SFO secures six-figure confiscation order against Axiom Legal Financing fraudster

David Kennedy is currently serving an eight-year prison sentence

Sahar Nazir
clock 22 December 2025 • 1 min read
Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Private markets push meets adviser pragmatism: 'Real shift will come when advisers are empowered, not pressured'

Higher proof-of-value demands and operational challenges keep private markets on margins of UK advice portfolios

Sahar Nazir
clock 19 December 2025 • 9 min read
Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Feel Good Friday: Tyndall Partnerships supports charity drive delivering Christmas aid to over 500 families

Business development exec Lawrence Patrick joined charity The Mehiel Foundation

Professional Adviser
clock 19 December 2025 • 1 min read