FSA bans and fines Scottish adviser for insurance fraud

Morgan, a partner in the firm of Donald Morgan Insurance Services (DMIS), was banned from carrying out any regulated financial services activity in future. His wife, Janet Morgan, was the other partner at DMIS and has also been banned from the industry. The FSA found that Morgan deliberately kept insurance premium payments from a number of DMIS's clients and then falsified monthly reports and manipulated the computer systems at DMIS. Morgan then used the premium monies to pay staff salaries and to fund his lifestyle. His wife took no active part in the affairs of the firm, and fail...