Leigh Mackey has been fined £1,102,879 and banned from working in financial services by the Financial Conduct Authority (FCA) for misleading the regulator and misusing funds owed to insurers.
Mackey had sole control of Inspire Insurance Services Ltd (Inspire), an insurance broker for the construction sector, from 12th September 2011 to 8th December 2019.
The FCA found that Mackey used funds that should have been paid to insurers to cover Inspire’s operating costs and personal living expenses.
He admitted that Inspire owed insurers over £660,000.
Estimates from Inspire’s liquidator suggested the total shortfall could be over £2.2m.
The FCA found that Inspire submitted regulatory reports over a four-year period claiming it had conducted required client asset audits; Mackey acknowledged that these audits were never carried out.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: “Mr Mackey helped himself to insurer funds to prop up his business and personal finances.
“This fine and ban shows how seriously we take individuals who abuse their position for personal gain and risk damaging the integrity of the UK’s financial system.”
