On 15 January 2012, Harbinder Panesar, the former director of a motor breakdown insurance firm, was fined £212,237 (Stage 1 (30%) : £88,437 disgorgement and £123,800 punitive) by the FSA after determination that Panesar had misappropriated funds from his business and had sold worthless policies. The FSA noted that it would not reduce the amount of the penalty notwithstanding that Mr Panesar had only recently emerged from bankruptcy.