Ex-CEO fined and banned by FCA for 'lacking integrity'

Stuart Malcolm Forsyth was fined £154,498 in total by the the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) following a joint investigation that found Forsyth had transferred "excessive" amounts of his own remuneration to his wife to reduce his own tax liability, and had taken steps to conceal that arrangement. According to the FCA, when Forsyth was CEO of Scottish Boatowners Mutual Insurance Association (SBMIA), he paid his wife a proportion of his own salary in compensation for providing some out of hours administrative support and occasional hospitality a...