The Financial Conduct Authority (FCA) has banned and fined former insurance broker Paul Cable £140,000 for misleading a client into thinking they had taken out an insurance policy when they hadn't.
As a result, Cable exposed the client to risk and retained premiums totaling £17,452.56.
Cable had already been subject to disciplinary proceedings for a lack of integrity towards another client by the FCA's predecessor, the Financial Services Authority (FSA), which factored in the size of the fine.
The FCA has also banned Cable from working in the financial services industry in future.
In June 2009, the FSA banned Cable from working in certain roles in financial services, however Cable continued to act as an insurance broker, which was not covered by the ban, the FCA alleged.
During this time, Cable misled a client into believing he had taken out four insurance policies on their behalf and collected premiums without arranging the policies, the FCA claimed.
Tracey McDermott, the FCA's director of enforcement and financial crime, said: "Mr Cable flagrantly disregarded his obligations to his client and to the regulator.
"At the same time as arguing previous misconduct the FSA had identified was a one off error, he was systematically misleading another client and exposing them to considerable risk. His conduct demonstrates a complete lack of integrity which has no place in the financial services industry."
