FSA has banned three former directors of BPS Insure Limited, for failing to tell FSA about a large client account deficit and for misuse of client money. Robert James, Stuart Lawton and Paul Adams all knew about the deficit, which existed from before the firm became authorised. They also knew their duties as approved persons. Nevertheless, they consistently failed to tell FSA about the deficit and failed to tell FSA when client money was misused. No consumers suffered, but the firm owed insurers significant money. The firm went into administration after FSA took away most of its permissions. FSA has now banned the three men from carrying on any controlled functions.