Broker's balatant misuse of client money leads to FSA lifetime ban
The Financial Services Authority (FSA) slapped a lifetime ban on broker David Marriott after he used clients' funds to support his businesses and to finance bonuses, salary increases and new cars.
The watchdog banned Mr Marriott, former chief executive of two insurance intermediaries, Target Underwriting and Professional Insurance Select, for failing to segregate and protect money from clients' insurance premiums.
The FSA said the two companies were run as one business under the control of Mr Marriott, who used client money to support the day-to-day finances at both failing firms. He also used client money to give himself and his staff bonuses and salary increases, and to purchase a £27
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