Paul Cable, director of Media and Entertainment Insurance Service Limited, has been fined £140,000 for exposing a client to risk and retained premiums totalling £17,452.56.
In a statement the FCA said the size of the fine is a reflection of the fact Cable had been repetedly dishonest while already subject to disciplinary proceedings for a lack of integrity towards another client by the FSA.
The FSA had already banned Cable from working in certain financial services roles, and the FCA has extended the ban to the whole industry.
Tracy McDermott, 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.”
