The FSA has fined and banned Stephen Goodwin , a commercial insurance broker, for misappropriating his clients' insurance premiums to fund his own business. Between 2008 and 2010, Mr Goodwin would occasionally pay his clients' premiums into the business account of Goodwin Best, instead of paying it to the appropriate insurer as required. Together with his business partner, who has since died, Mr Goodwin took £303,846 from his clients.
Mr Goodwin has been fined a total of £471,846 – the largest ever fine imposed on an individual in relation to insurance fraud. The Financial Services Compensation Scheme is working with some of the victims of this unscrupulous behaviour to recover the losses they have incurred.