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FSA bans insurance broker

The Financial Services Authority has banned Stephen Allen, a director of Fabien Risk Services, for failing in his duties as a director of a regulated firm. The regulator said the action follows a probe that also resulted in the 2007 banning of Allen’s co-director Shane Garvey and Fabien office manager Lee Goddard. Allen failed to notice Garvey authorise the withdrawal of client funds or Goddard’s compliance with instructions to use the money to keep Fabien trading without Allen’s knowledge when the firm was placed into creditors’ voluntary liquidation.