Firm fined for leaving share-dealing policy on shelf

Harbinder Panesar’s embezzlement of £180,000 from two motor insurers along with his reckless operation of one of the firms, were so egregious that the FSA won’t reduce his penalty of £212,237 on grounds of financial hardship. He has also been banned from financial services and South Wales-based Motorcare Elite (2008) Ltd, now in liquidation, has had its permission to conduct authorised business cancelled.