The Financial Conduct Authority has decided to ban Alec Finch and Robert Finch from UK financial services after a High Court judgment found they had engaged in fraud and misused client money while at AFL Insurance Brokers Limited. The FCA concluded that both men failed to act with honesty and integrity in their roles at the firm. According to the FCA, the pair used client money to fund AFL’s business expenses and later, when seeking to sell the business, created false financial records to mislead the buyer as well as the firm’s accountants and auditors. The conduct concealed the misuse of client money, overstated AFL’s financial position and left the firm with a significant client money deficit. The FCA said it would otherwise have imposed financial penalties of GBP 121,200 on Alec Finch and GBP 169,800 on Robert Finch, but did not do so because each provided verifiable evidence that any penalty would cause serious financial hardship. Both men have referred their Decision Notices to the Upper Tribunal, where each will present his case. The FCA noted that the findings in the notices are therefore provisional and reflect its view of the conduct in light of the High Court judgment dated 27 September 2023.
Financial Conduct Authority2026-07-23
Financial Conduct Authority decides to ban father and son after High Court fraud and client money misuse findings
The Financial Conduct Authority has decided to ban Alec Finch and Robert Finch from UK financial services after a High Court judgment found fraud and misuse of client money at AFL Insurance Brokers Limited. The FCA said they used client money to fund business expenses and created false financial records to support a sale of the firm. Both have referred the Decision Notices to the Upper Tribunal, so the findings remain provisional.