Regulator the Financial Conduct Authority (FCA) has banned Paul Cable from working in the financial services sector and fined him £140,000 for misleading a client.
Whilst the sole director of Media and Entertainment Insurance Service Limited (M&E), Cable misled a client by telling them that he had arranged insurance policies for them when no such cover had been put in place.
As a result, Cable exposed the client to risk and retained premiums totalling £17,452.56.
The FCA said that Cable had been repeatedly dishonest whilst already subject to disciplinary proceedings involving a lack of integrity towards another client. Those proceedings began under the FCA's predecessor, the Financial Services Authority.
Tracey McDermott, the FCA’s director of enforcement and financial crime, said:
Mr Cable flagrantly disregarded his obligations to his client and to the regulator. At the same time as arguing previous misconduct the FSA had identified was a one off error, he was systematically misleading another client and exposing them to considerable risk. His conduct demonstrates a complete lack of integrity which has no place in the financial services industry.