FSA bans broker for client money breaches
The Financial Services Authority (FSA) has banned Essex-based insurance broking director Derek Wright from performing any FSA-regulated functions.
Mr Wright had been disciplined on a previous occasion, when he was banned from all Lloyd's premises and suspended from conducting any business at the firm, after it emerged he had been diverting premiums and client money from his firm for his own use.
From 1997, Mr Wright ran Moorgate Insurance Agencies in Romford, which was authorised by the FSA from 2004 to 2008.
During this time Mr Wright acted as director of the business without regulatory approval – only his wife had been approved to do so
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