The Financial Conduct Authority (FCA) has fined Leigh Mackey £1,102,879 and banned him from working in the financial services industry.

The regulator punished Mackay for misleading it and misusing funds due to insurers.

Between 12 September 2011 and 8 December 2019, Mackey had sole management control of Inspire Insurance Services Ltd (Inspire), an insurance broker for the construction sector.

MISUSE OF FUNDS

He was found to have used funds due to insurers to support the firm’s operating costs and to pay for personal living expenses instead of paying insurers.

Mackey admitted that his actions have caused Inspire to owe insurers over £660,000. Estimates by Inspire’s liquidator are significantly higher, suggesting a shortfall of over £2.2m.

“Mackey helped himself to insurer funds to prop up his business and personal finances”

Mackey was not truthful with the FCA. Inspire submitted regulatory reports over four years stating it had carried out required client asset audits, but Mackey admits it failed to carry these out.

Therese Chambers, joint executive director of enforcement and market oversight at the FCA said: “Mr Mackey helped himself to insurer funds to prop up his business and personal finances.

“This fine and ban shows how seriously we take individuals who abuse their position for personal gain and risk damaging the integrity of the UK’s financial system.”