FCA bans broker and issues £1.1m fine for misusing insurer funds
Leigh Mackey, formerly sole director of closed broker Inspire Insurance Services, has been banned by the Financial Conduct Authority and fined £1.1m after using insurer funds to support the firm’s operating costs and pay for personal living expenses.
As previously reported by sister title Insurance Post, the FCA shut down Coventry-based Inspire and ordered the broker to ringfence relevant funds in a string of sweeping instructions in October 2020.
Along with securing client money, the firm had been instructed to secure all books and records as well as preserve all information and systems. It was also ordered to write to all clients, insurers and other parties to tell them about the regulatory intervention.
Mr Mackey helped himself to insurer
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