A UK broker has been fined £471,846 ($711,836) and banned from working in the financial services industry.

The Financial Services Authority (FSA) gave Stephen Goodwin a 30% discount on the fine for agreeing to settle; otherwise the total penalty would have been £543,846 ($820,656).

Even with the discount, it is the largest fine handed out to a UK individual for insurance fraud.

Mr Goodwin was a former partner in a brokerage in northern England. Between November 2008 and November 2010, he and his partner accepted insurance premiums but failed to pass them on stealing approximately £393,766 ($594,093) to fund their business expenses.

FSA Acting Director of Enforcement Tracey McDermott says the size of the fine was to reflect the failings of Mr Goodwin to run an honest business.

“These are dishonest breaches with Mr Goodwin posing a risk to consumers and the financial system more widely.

“He is paying a very heavy price.”