The Financial Services Authority (FSA) has banned a former broker for "failing to act with integrity".

In a statement the watchdog said it had to prohibit James Richardson, a former chief executive of Insure and Go Insurance Services Ltd, from any significant role in regulated activity as he had "not been candid" in his dealings with the firm's former auditor.

Mr Richardson had told the auditor that Insure and Go was using a Gibraltar-based travel club scheme to reduce the company's liability for insurance premium tax.

The FSA has since determined that there was a discrepancy in the dates.

Margaret Cole, FSA director of enforcement, said that it was "crucial" chief executive officers and others with influence were transparent in their dealings with auditors.

She added: "This sends out a message that the FSA will take strong action in future cases of this kind."

In a separate action the FSA has banned four men for their dishonest involvement in a reinsurance business.

John Whitcombe, Jeffrey Butler, Nicholas Brown and Christopher Henton all deliberately did not disclose that business being passed to Sphere Drake insurance company was "gross loss making".

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