FSA bans four over scam

Four people were banned by the Financial Services Authority yesterday after money collected from customers to pay for insurance premiums was used to fund the start-up of a new business.

Barrie Aspden, of Orion Direct, siphoned off more than £300,000 of customers' money to finance a new online motor insurance site, Click the Pepper, which traded as Peppercom.

The FSA said Mr Aspden also installed two relatives and a family friend as directors at Orion and Peppercom, because he was unable to obtain approved-person status himself, having been made bankrupt.