Broker Network member fined and banned for fraud
A former Broker Network member has been banned and fined by the Financial Services Authority (FSA) for committing insurance fraud.
Donald McKee Morgan, a partner in Ayrshire-based Donald Morgan Insurance Services (DMIS), has been fined £335,204 and banned from carrying out any regulated financial services activity in the future.
Mr Morgan's wife, Janet, who was the only other partner at DMIS, has also been publicly censured and banned from carrying out regulated financial services.
Mrs Morgan took no active part in the affairs of the firm, and failed to notice her partner's fraudulent activity.
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