The Financial Conduct Authority handed out £1.11m in fines to two general insurance broking individuals in 2024, as firms achieved the second year in a row of zero fines.
In November the watchdog served Leigh Mackey, formerly sole director of closed broker Inspire Insurance Services, a £1,102,879 penalty and ban after he used insurer funds to support the firm’s operating costs and pay for personal living expenses.
The FCA had shut down Coventry-based Inspire and ordered it to ringfence relevant funds in a string of sweeping instructions in October 2020.
Last August the regulator also imposed a fine – of £5,021 – and ban on a broker who had failed to pass premiums
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