FSA ban Insurance Co chairman over governance failings

Thursday 10 May 2012 8:20 AM

The FSA sent a strong message this week by banning the executive chairman of an international insurer and fining the firm £3.3 million for failing to address weaknesses in governance and risk controls (details here).

Tracey McDermott, the FSA's Director of Enforcement, warned:

"Senior management must take responsibility for the firms that they run . . . If those who hold senior positions in financial services firms had had any doubt about how seriously we view their regulatory responsibilities this fine and ban should make our position crystal clear . . . The FSA requires firms to have effective corporate governance and controls. They must adapt these appropriately to reflect changes in their risk profile, especially growth into new areas.”

Make sure you are in a position to meet FSA expectations by attending our focused and timely events Governance Update for SIFs and Risk Management for SIFs in the City of London next month.

Please click on the links above or call 020 3170 5779 for further details.

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