The Financial Conduct Authority has banned David Robert Cooke from performing any function in relation to regulated activity. The regulator said the sanction came after Cooke admitted setting up a public liability insurance policy for a client without passing the premium on to the insurer. The company subsequently fell into administration when it tried to make a claim on the policy and found the business was not on risk.

In a statement, the regulator said: “The nature of Mr Cooke’s offence, which he has admitted and in respect of which he received a conditional caution, demonstrate a clear and serious lack of honesty and integrity such that he is not a fit and proper person to perform regulated activities.”

It added: “The Authority has had regard to all relevant circumstances, including the seriousness and relevance of the offence and the severity of the risk posed by Mr Cooke to consumers and to confidence in the UK financial system. The Authority has decided that it is appropriate to take this action in order to advance its consumer protection and integrity objectives.”