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IFA banned for leaving clients without cover

The FSA has banned Powell Price director Nigel Layton after finding him guilty of failing to pass on premiums to insurers and leaving clients uninsured.

It says: “Layton knowingly and deliberately accepted clients’ insurance premiums which he failed to pass over to the relevant insurers and intermediaries, leaving at least 16 clients uninsured.”

The FSA says Layton used client money to cover the firm’s running costs and other business expenses over a period of at least 12 months, when he knew that the financial position of Powell Price was deteriorating.

Layton has accepted he was solely responsible for this misconduct. Herefordshire-based Powell Price was an IFA firm although it mainly conducted insurance business.

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