ENTREPRENEUR Ralph Whittington has been fined more than £42,000 and banned from taking part in any financial business activity for “misappropriating” client funds.

The boss of Savesure Ltd, an insurance intermediary which traded from Darwen, settled at an early stage of proceedings with the financial regulator.

This saved him 30 per cent of a potential punishment of more than £60,000 for failing to act “with honesty and integrity”.

He was fined £42,111 made up of a £33,500 penalty and a repayment to clients of £8,611 including interest owed.

The Financial Conduct Authority banned Mr Whittington from “performing any function in relation to regulated activity for failing to act with integrity in carrying out his controlled functions”.

It also withdrew his “approvals to perform controlled functions at Savesure Limited, an insurance intermediary of which he was a shareholder”.

The firm operated from a registered address at 2, The Circus, Darwen, until July 11, 2012 when it was changed to Bank Chambers, Belgrave Square, Darwen.

A spokesman for the FCA said: “In January 2014 Mr Whittington informed the FCA that Savesure had ceased trading and in July 2014 Savesure entered voluntary liquidation.

“Between March 2012 and December 2013, Mr Whittington deliberately caused Savesure to misappropriate insurance premiums paid to Savesure by its clients for insurance, by transferring more money from Savesure’s client premium bank account to its business account than Savesure was entitled to receive as commission.

“The misappropriated insurance premiums were primarily used to fund Savesure’s business expenses. However, some of the money was used to repay funds Mr Whittington paid into Savesure from his personal finances or from funds raised through creditors.

“The FCA found that Mr Whittington failed to act with honesty and integrity by knowingly causing Savesure to misappropriate insurance premiums paid to Savesure by its clients.”

Savesure’s telephone number has been disconnected.