FSA bans insurance broker

The Financial Services Authority (FSA) yesterday prohibited Graham Darby, director of insurance broker Ambrose Darby, for failing to control the business of the firm adequately. The order bans Darby performing significant influence functions at any authorised financial firm. The FSA found that Darby, who was diagnosed in July 2008 with a severe medical condition, did not conduct client money reconciliations as required and did not have a full understanding of the firm’s responsibilities regarding the handling of client money.