The Financial Conduct Authority (FCA) has banned and fined former insurance broker Paul Cable £140,000 for misleading a client into thinking they had taken out an insurance policy when they hadn't.
As a result, Cable exposed the client to risk and retained premiums totaling £17,452.56. Cable had already been subject to disciplinary proceedings for a lack of integrity towards another client by the FCA's predecessor, the Financial Services Authority (FSA), which factored in the size of the fine. The FCA has also banned Cable from working in the financial services industry in future. In June 2009, the FSA banned Cable from working in certain roles in financial services, however Cable continued to act as an insurance broker, which was not covered by the ban, the FCA alleged. D...
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