FSA has banned and fined a broker £335,204 for insurance fraud, and also censured his wife. It found Donald Morgan had kept premiums from clients that should have been passed to a network. He falsified reports and manipulated computer systems to hide the fraud. Mr Morgan reported his actions to FSA when he realised his financial situation was not going to improve. FSA fined and banned him. Approximately two thirds of the fine represented disgorgement of financial profit. FSA also publicly censured Mr Morgan’s wife, the only other partner in the business, who had failed to notice the fraud. (Source: FSA Fines and Bans Insurance Broker for Fraud)