IFA banned over insurance breach

Nigel Roy Thomas Layton, director of Powell Price & Company, has been declared by the regulator not fit or proper to work in the regulated financial services industry. An investigation found that Layton had failed to pass on client premiums to insurers, leaving them uninsured, and used the money to run the day to day activities of its business. It said that Layton had accepted he was solely responsible for the misconduct. The FSA said Layton’s actions had left at least 16 clients uninsured. It added that he used client money to cover Powell Price’s running costs and other expenses over a ...