FCA bans and fines ex-CEO after he took steps to reduce his tax liability

Stuart Malcolm Forsyth was fined £154,498 in total by the two regulators following a joint investigation that found he had transferred "excessive" amounts of his own remuneration to his wife to reduce his tax liability, and had taken steps to conceal that arrangement. According to the FCA, when Forsyth was CEO of Scottish Boatowners Mutual Insurance Association (SBMIA), he paid his wife a proportion of his own salary in compensation for providing some out of hours administrative support and occasional hospitality at home. Up until 2010, Mrs Forsyth was paid between £5,000 and £10,000 per...