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Brokers banned as FSA continues cull

10 June 2010
Written by rosalind renshaw

The FSA has punished two brokers who, in unrelated incidents, embezzled funds from clients’ accounts. The latest bans are part of a ramping up of the FSA's clean-up operations.

Delwyn Way, a director of Shield, was fined £77,957 and banned from financial services work. The fine reflects the amount of money Way took from the client account to fund his personal and business expenses.

He had also put clients at risk by failing to ensure their insurance premiums were passed on to the insurers.

Griffiths McAlister, a director of Adrian Shillaker, escaped a fine after giving evidence that it would cause him serious financial hardship, but he has also been banned from working in the industry after transferring client money to the business account.

He has taken steps to repay the money.

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