THE Financial Services Authority (FSA) has banned Powell Price & Company Limited's (Powell Price) director Nigel Roy Thomas Layton from carrying out any functions in relation to any regulated activities after finding him not fit and proper to work in the regulated financial services industry.

Powell Price was a small independent financial adviser based in Leominster, although it primarily conducted insurance business.

The FSA found that Powell Price had failed to pass on client premiums to insurers, leaving clients uninsured, and used the money to run the day-to-day activities of its business.

Key reasons for the FSA's action against Mr Layton include the fact that he: Knowingly and deliberately accepted clients' insurance premiums which he failed to pass over to the relevant insurers and intermediaries, leaving at least 16 clients uninsured.

Used client money to cover Powell Price's running costs and other business expenses, over a period of at least 12 months from December 2005, when he knew that the financial position of Powell Price was deteriorating.

Stopped managing Powell Price's client account (the Client Account) and he failed to carry out any reconciliations of the Client Account.

Has accepted that he was solely responsible for this misconduct.