Leigh Mackey has been fined and banned by the FCA for financial misconduct.
- Over £660,000 was misused under Mackey’s management, according to his admission.
- Inspire Insurance Services failed to conduct required audits, leading to further regulatory breaches.
- Estimates suggest a potential financial shortfall exceeding £2.2 million.
- The FCA emphasises the gravity of abusing a position for personal financial gain.
Leigh Mackey, the director of an insurance broker, has faced significant penalties from the Financial Conduct Authority (FCA), highlighting serious breaches in financial conduct. The FCA has banned him from working in financial services and imposed a fine of £1,102,879. This action stems from Mackey’s misuse of funds that were due to insurers, a move that misled the regulator over a prolonged period.
During his tenure between 2011 and 2019, Mackey exercised sole control over Inspire Insurance Services, a brokerage focusing on the construction sector. He admitted that the funds intended for insurers were instead diverted to sustain the company’s operations and his own personal expenses. As per Mackey’s own admission, this malpractice resulted in Inspire owing insurers over £660,000. However, more concerning figures have been presented by Inspire’s liquidator, suggesting the financial gap could be over £2.2 million.
Further compounding the issue, the FCA reported that Mackey was not truthful in regulatory submissions. For four consecutive years, reports falsely claimed that necessary client asset audits had been performed, an omission that Mackey has since acknowledged. This deceit underscores the systemic nature of the financial mismanagement under his leadership.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, commented on the severity of this case. She stated, “This fine and ban demonstrate the seriousness with which we view the abuse of position for personal gain, a practice that risks undermining the integrity of the UK’s financial system.” Such remarks underscore the importance the regulator places on ethical conduct within financial services.
The FCA’s decisive action against Mackey serves as a stark reminder of the critical importance of integrity in financial management.
