UK Financial Watchdogs Fine Insurance Boss For Tax Cheat

Law360, London (November 18, 2019, 12:40 PM GMT) -- The former head of a mutual insurance company will be fined over £150,000 ($194,000) after he allegedly transferred “excessive amounts” from his payslip to his wife for six years to allow him to dodge taxes, Britain’s financial watchdogs said Monday.

The Financial Conduct Authority and the Prudential Regulation Authority have jointly banned Stuart Forsyth, who was chief executive officer of Scottish Boatowners Mutual Insurance Association, from carrying out regulated activities. The FCA hit Forsyth with a fine of £78,318 and the PRA imposed a penalty of £76,180.

The regulators found in a joint investigation that, between February 2010 and July 2016,...

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