IFA banned for using client funds to run 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 ...