Brokers banned as FSA clamps down on client money failings

Shield Insurance Consultancy (Shield) director Delwyn Way has been fined £77,957 and banned from working in financial services for putting client money at risk by failing to ensure insurance premiums were passed onto insurers. Griffiths McAlister Insurance Brokers (Griffiths McAlister) director Adrian Shillaker has been banned from working in financial services with immediate effect for knowingly transferring client money to Griffith McAlister's business account to fund its business expenses. Shillaker also failed to ensure client money was managed in accordance with the FSA's client ...