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Release Date: 19th July 2013

To access the original FCA document, click here.


Paul David Cable, while acting as the sole approved person at Media and Entertainment Insurance Services Limited (M&E), has been fined £140,000 by the Financial Conduct Authority (FCA) and banned from performing any function related to regulated activities. The FCA imposed these sanctions due to Cable’s severe breaches of honesty and integrity as outlined in Statement of Principle 1.

Cable’s misconduct involved deliberately failing to secure insurance policies and not passing on premiums received from a client, which resulted in no actual insurance cover being established. He compounded these actions by repeatedly misleading the client into believing that insurance cover was in place. This pattern of deceit not only breached regulatory standards but also directly harmed the client by exposing them to uninsured risks.

The gravity of Cable’s actions was further underscored by previous similar conduct. In October 2010, he was prohibited from performing any controlled function after admitting to attempting to overcharge another client. Despite this, Cable continued to demonstrate a lack of integrity, even while under investigation by the FCA, which he acknowledged could end his career.

This case highlights several important lessons for other professionals in the regulatory sector:

  1. Transparency and Honesty: Upholding the highest levels of integrity and honesty is non-negotiable. Misleading clients and mishandling their funds can lead to severe penalties, including hefty fines and industry bans.
  2. Regulatory Compliance: The importance of adhering to regulatory standards and principles cannot be overstated. Failure to comply can result in significant personal and professional repercussions.
  3. Proactive Engagement with Regulators: Attempting to conceal misconduct or persuading clients not to report issues compounds the severity of breaches and can lead to harsher penalties.

The FCA’s decision reflects its commitment to protect consumers and maintain trust in the financial system by ensuring that individuals who fail to meet regulatory standards and show a pattern of dishonest behaviour are held accountable.

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