FSA fines insurance broker £470k for misappropriating premiums

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The Financial Services Authority (FSA) has banned and fined a former commercial insurance broker £471,846 for using clients' money to fund his own business.

Between 2008 and 2010, Stephen Goodwin, a former partner of Goodwin Best, and his now deceased business partner misappropriated £303,846, paying insurance premiums into their business account rather than to the relevant insurer or intermediary to arrange the policy. Their actions led to at least three clients suffering financial losses, with one making a claim, only to find they were uninsured, and two other clients having to pay the same premium twice to ensure their policies remained in force Goodwin's fine consists of the disgorgement of benefit of £303,846 and an additional £168,0...

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