Insurance broker banned for misleading regulator

Derek Wright, previously banned from all Lloyds premises for diverting client money, was a director of Romford-based Moorgate Insurance Agencies - despite never having been approved by the watchdog to fulfil regulated functions. The firm was authorised by the FSA from 2004-2008. Wright was responsible for submitting the company's Retail Mediation Activities Returns to the FSA which indicated its capital resources were consistently below the level required by FSA rules. They also contained inaccuracies. In February 2007, he informed the FSA the firm's capital resources deficit would...