| Link(s): | FCA decides to ban father and son following fraud and misuse of client money | FCA Decision Notice 2026: Alec Finch Decision Notice 2026: Robert Finch |
Context
The FCA has decided to ban Alec Finch and his son Roert Finch from UK financial services after the High Court found that they had engaged in fraud and misused client money. In light of the High Court judgment, dated 27 September 2023, the FCA decided that Alec Finch and Robert Finch failed to act with honesty and integrity in their roles at AFL Insurance Brokers Limited (AFL).
Key points to note and next actions
- The father and son misused client money to fund AFL’s business expenses. When they later wanted to sell AFL, the pair made the business appear more financially attractive by creating false financial records to mislead the buyer, as well as their own accountants and auditors.
- They concealed the misuse of client money and overstated the firm’s financial position, leaving AFL burdened with a significant client money deficit.
- Alec Finch and Robert Finch have referred the Decision Notices to the Upper Tribunal where each will present their case. Any findings in the Decision Notices are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers their behaviour should be characterised.
- Both Alec Finch and Robert Finch provided verifiable evidence that the imposition of a financial penalty of any amount would cause them serious financial hardship, otherwise the FCA would have imposed a financial penalty of £121,200 and £169,800 respectively.