The Monetary Conduct Authority handed out £1.11m in fines to 2 basic insurance coverage broking people in 2024, as corporations achieved the second yr in a row of zero fines.
In November the watchdog served Leigh Mackey, previously sole director of closed dealer Encourage Insurance coverage Companies, a £1,102,879 penalty and ban after he used insurer funds to help the agency’s working prices and pay for private residing bills.
The FCA had shut down Coventry-based Encourage and ordered it to ringfence related funds in a string of sweeping directions in October 2020.
Final August the regulator additionally imposed a positive – of £5,021 – and ban on a dealer who had didn’t cross premiums
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