The Tribunal has fined former insurance broker Terence Joint £10,000 for failings in relation to the handling of client money. Due to personal circumstances Mr Joint became disconnected from the day-to-day running of the business, and delegated his role. However, this did not absolve him from responsibility for taking adequate steps to inform himself regularly about the business, its financial situation, and the delegate’s activities. Client insurance premiums intended to be paid to insurers on behalf of clients were misapplied and clients’ insurance premiums were mixed with the funds of a separate entity. Mr Joint has since retired and only disputed the case against him in respect of the financial penalty FCA planned to levy. The Tribunal said the purpose of a financial penalty is to deter further or similar breaches. Therefore the £20,000 fine sought by FCA was reduced in order to act as a deterrent to others and take full consideration of the facts of this case. The court left it open for FCA to seek a prohibition order against Mr Joint in respect of performing significant influence functions. (Source: Tribunal Fines Insurance Broker for Mishandling Client Moneys)