The chairman and director of Bannerman Slayden Cater has been permanently banned from Lloyd's for poor book-keeping.

Vincent Slayden was found guilty by Lloyd's Disciplinary Board of two charges of misconduct relating to discreditable conduct.

According to a regulatory bulletin issued to the market, he had failed to ensure his company, a non-Lloyd's marine and reinsurance broker, “had a proper or adequate system of book-keeping or proper records and accounts of its business after he had been told by the company's accountants that it appeared to be insolvent and had overdrawn its brokerage by an estimated £60,000”.

Slayden then “failed to take any adequate steps to deal with the accountants' concerns and permitted the company to operate as before”.

He was ordered to pay £6,500 towards the Council's and disciplinary tribunal's costs.