FCA bans and fines ex-CEO after he took steps to reduce his tax liability

The Financial Conduct Authority (FCA) and Prudential Regulation Authority has banned and fined the ex-CEO of a small mutual insurer after he took steps to reduce his tax liability and conceal his actions. Stuart Malcolm Forsyth was fined £154,498 in total by the two regulators following a joint investigation that found he had transferred "excessive" amounts of his own remuneration to his wife to reduce his tax liability, and had taken steps to conceal that arrangement. According to the FCA, when Forsyth was CEO of Scottish Boatowners Mutual Insurance Association (SBMIA), he paid his w...