Director of insurance broker used client funds to pay personal debts

An insurance intermediary who breached the Client Money Rules and used client funds to pay his debts has been banned from the sector.

By Neasa MacErlean

However, the financial penalty given to Martin Sarl, sole director of Exeter-based Perry Prowse (Insurance Consultants), was cut 92 per cent, from £63,600 to £5,021 because of the 'serious financial hardship' that the full fine would have caused him.