Pet insurance broker who siphoned off at least £162,000 of his customers’ money has been banned from practising his profession.

David Martin Holland, 61, took the premiums paid by his customers for pet insurance between September 2005 and May 2007 and put them directly into his own bank account.

His companies, Petsure and Flett Sinclair Insurance Brokers, are based in Woodford Avenue in Gants Hill, Essex.

In a decision released this week the insurance industry regulator Financial Services Authority said Mr Holland had used customers’ money for “personal expenditure”, instead of passing it on to the firm responsible for paying out claims.

FSA enforcement director Margaret Cole said: “Using premiums received from clients for personal use in this way is inexcusable. The FSA will take action against firms and individuals in this way - where an intermediary receives money from clients on behalf of an insurer, it must pass this money on promptly.”

Every year up to half the pets in the UK require medical treatment due to accident or illness. The average cost for these treatments is around £220 but costs can rise into the thousands for more complicated operations. RSPCA pet insurance helps protect from these and other unexpected pet ownership costs.

The RSPCA offer extensive pet insurance, for cats and dogs, at great value prices extensively designed to help in times of greatest need. Low cost monthly premiums start at only £2.92 for cats and £5.41 for dogs. By choosing to insure a pet with the RSPCA you get great value insurance cover that aids the RSPCA in providing care for less fortunate animals, making it the right choice for a caring and compassionate pet insurance.

The RSPCA currently rescue, rehome and care for many unwanted animals nationwide. This care increases with every pet covered by RSPCA pet insurance. 20% of premiums go to help the RSPCA protect vulnerable and neglected animals. This contribution allow the RSPCA to fund pet homes and shelters for unwanted and badly treated pets. With RSPCA pet insurance you get great value insurance cover for your pet and help less fortunate animals throughout the country.

RSPCA Pet Insurance offers:

• Help with Vet Bills – up to £6000 is available to treat new medical conditions that a pet may develop
• Cover for Lost and Stolen Pets – up to £750 available to help pay for advertising, repatriation and reward costs incurred when pets are lost or stolen
• Owner Illness Cover – if you should fall ill and require medical treatment up to £750 is available to provide your pet with safe and secure accommodation for your pet while you are in hospital

The RSPCA cares for animals every day in the same way that you care for your pet. If you compare RSPCA pet insurance with other pet insurance policies available online you will see how much you can save and help other defenseless animals at the same time.