FSA has banned Stephen Goodwin, a former commercial insurance broker, and fined him £471,846, for using clients’ premium moneys to fund his business. Mr Goodwin and his (now deceased) business partner misappropriated over £300,000 in this way. FSA said at least three clients had suffered financially as a result. Mr Goodwin is bankrupt and the firm is no longer in business. (Source: FSA Bans and Fines Insurance Broker)