FSA bans four over scam

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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.