FSA fines former insurance broker for misappropriating insurance premiums

11 Sep 2012

The FSA has published (http://www.fsa.gov.uk/library/communication/pr/2012/077.shtml?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) a Final Notice (http://www.fsa.gov.uk/static/pubs/final/stephen-goodwin.pdf) against Stephen Goodwin, former partner of Goodwin Best in Lancashire. The FSA fined Mr Goodwin £471,846 and banned him from working in regulated financial services after it found that he had used clients’ insurance premiums to fund his business. The fine consists of disgorgement of £303,846 and a punitive element of £168,000. Goodwin’s actions resulted in one client finding out they were not insured when trying to make a claim and two other clients paying the same premium twice to ensure their policies remained in force.