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

clock • 2 min read

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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?