FCA fines former broker £140,000

Robyn Hall

July 19, 2013

The FCA fined Paul Cable, the sole director of Media and Entertainment Insurance Service Limited, after finding that he misled a client by telling them that he had arranged insurance policies for them when no such cover had been put in place.

As a result, Cable exposed the client to risk and retained premiums totalling £17,452.56.

Tracey McDermott, the FCA’s director of enforcement and financial crime, said: “Mr Cable flagrantly disregarded his obligations to his client and to the regulator.

“At the same time as arguing previous misconduct the FSA had identified was a one off error, he was systematically misleading another client and exposing them to considerable risk.

“His conduct demonstrates a complete lack of integrity which has no place in the financial services industry.”

Cable had previously received a partial ban from the FCA’s predecessor the FSA for failing to act with integrity towards another client.

The FCA has now extended that ban to stop Cable from working in the financial services industry in future.

Since launching in April 2013 the FCA has levied fines of over £1.1m against four individuals.

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