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UK FCA Bans Father and Son After High Court Finds Fraud, Client Money Misuse

GateNews
According to the FCA, the High Court found that Alec Finch and Robert Finch committed fraud and misused client money while running AFL Insurance Brokers Limited, prompting the FCA to issue bans prohibiting both men from working in the financial services industry. The High Court judgment, delivered on September 27, 2023, determined the pair used client funds to cover operating expenses and created false financial records that misled prospective buyers and auditors, concealing a significant client money deficit. While the FCA would ordinarily have imposed financial penalties of £121,200 and £169,800 respectively, these fines were waived after the individuals provided evidence of serious financial hardship. Both men have referred the FCA's decisions to the Upper Tribunal and retain the right to challenge the findings.
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