FSA bans insurance broker for failing to spot fraud

Stephen Allen, director of Fabien Risk Services, can no longer hold any management position in the UK financial services industry or any role requiring FSA approval. A previous FSA investigation led to the banning in 2007 of Allen's co-director Shane Garvey and Fabien office manager Lee Goddard. In late 2005 Fabien fell into creditors' voluntary liquidation after the firm suffered £700,000 in losses, of which £470,000 was owed to insurers, brokers and underwriters. An FSA investigation found Garvey authorised the withdrawal of client funds, aided by Goddard, to use the money to kee...