View more on these topics

Broker gets ban and a £330k fine

The FSA has banned and fined an insurance broker £335,204 for retaining premiums to support the firm’s finances.

Donald Morgan Insurance Services partner Donald McKee Morgan has been banned alongside his wife Janet Morgan, the only other partner at DMIS.

An FSA investigation found that between October 2005 and July 2010, Donald Morgan deliberately kept insurance premiums from a number of clients which should have been paid to his network.

Morgan falsified monthly reports and manipulated the computer systems at DMIS to hide what he was doing. He used the money to pay staff salaries and fund his lifestyle. He told the FSA about his misconduct in August 2010 after realising he was not going to be able to repay the money he had misappropriated.

The financial penalty is made up of a punitive element of £112,700 and £222,504 to recoup the money Morgan gained through his misconduct.

Janet Morgan was banned because although she took no active part in the firm’s affairs, she failed to notice her partner’s fraudulent activity.


BoE cuts growth forecast to 0.8%

The Bank of England has cut its growth forecast for this year to 0.8 per cent from 1.2 per cent warning that the eurozone crisis is still the main threat to recovery. The Bank’s latest inflation report, also says inflation, currently at 3.5 per cent, will not fall as quickly as previously thought and will […]

Regular-premium sales rise at Friends

Friends Life’s first-quarter life and pension regular-premium sales rose by 21 per cent although single-premium new business figures were hit by the firm’s decision to stop marketing its investment bond products during 2011. Total UK life and pension regular-premium sales rose from £122.5m to £147.8m. In the firm’s corporate division, regular-premium pension sales increased by […]

House-builders report slow sales under NewBuy

Six of the UK’s biggest house-builders have sold just five homes between them under the Government’s NewBuy scheme in the two months since its launch. The Telegraph reports figures from Canaccord Genuity, which contacted the top 10 house-builders in the UK to find out how many homes have been sold. Six responded, revealing that just […]

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm