FSA fines and bans former Royal Liver Assurance finance director

The Financial Services Authority (FSA) has fined former finance director at Royal Liver Assurance Limited (RLA), George McGregor, £109,000 for entering into contracts on behalf of RLA without authorisation and which benefitted a former RLA employee.

The FSA determined that McGregor's behaviour merited a fine of £1,000,000 but reduced the amount because this level of fine would cause serious financial hardship. McGregor is also prohibited from performing any function in relation to any regulated activity in the financial services industry. Between May 2009 and November 2009 McGregor entered into contracts on behalf of RLA with two companies which were controlled by a former employee of RLA. McGregor was negotiating the former employee's bonus but thought that the amount he had agreed with the individual would not be approved by...