FCA and PRA seek to ban and fine former insurance CEO
A joint investigation by the regulators found that between February 2010 and July 2016 Stuart Malcolm Forsyth transferred excessive amounts of his own salary to his wife, and as a result paid £18,000 less in income tax than he should have done.
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have banned and fined Stuart Malcolm Forsyth, the former CEO of Scottish Boatowners Mutual Insurance Association (SBMIA), £78,318 and £76,180 respectively.
This follows a joint investigation where the regulators found that between February 2010 and July 2016 Forsyth transferred excessive amounts of his own remuneration to his wife in order to reduce his own tax liability.
Forsyth has referred both decision
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