The FCA has banned Leigh Mackey from working in financial services and fined him £1,102,879 for misleading the FCA and misusing funds due to insurers.
Between 12 September 2011 and 8 December 2019, Mr Mackey had sole management control of Inspire Insurance Services Ltd (Inspire), an insurance broker for the construction sector.
Mr Mackey used funds due to insurers to support Inspire’s operating costs and to pay for personal living expenses instead of paying insurers.
By his own admission, Mr Mackey accepts that, due to his actions, Inspire owes insurers over £660,000. Estimates by Inspire’s liquidator are significantly higher, suggesting a shortfall of over £2.2m.
Mr Mackey was not truthful with the FCA. Inspire submitted regulatory reports over 4 years stating it had carried out required client asset audits. Mr 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.'
Notes to editors
- Final Notice 2024: Leigh Mackey[2].
- The FCA has imposed a financial penalty on Mr Mackey of £1,102,879 for his failure to comply with (as applicable during the relevant period) Statements of Principle 1 and 4 and COCON Individual Conduct Rules 1 and 3, pursuant to section 66 of the Financial Services and Markets Act 2000 (the Act). Mr Mackey’s penalty comprised of two elements – disgorgement of £968,479 and a penal element of £134,400.
- In addition, Mr Mackey is not a fit and proper person as he lacks honesty and integrity and poses a risk to consumers and to the integrity of the UK financial system. The Authority has made an order prohibiting Mr Mackey from performing any function in relation to any regulated activities carried on or by any authorised or exempt person or exempt professional firm, pursuant to section 56 of the Act.
- Inspire was placed into liquidation by Mr Mackey on 6 November 2020 (following intervention action by the Authority) and remains in liquidation as of the date of this Notice.
- Find out more information about the FCA.