Pinsent Mason says insurers face millions in fines from rogue individuals
Firms are now being punished by the FSA without the regulator pointing to a specific breach.
UK law firm Pinsent Masons head of Corporate Governance, Martin Webster spoke after the FSA’s £3.34m fining of Mitsui Sumitomo Insurance (Europe) for “serious corporate governance failings” this morning. Former Mitsui Sumitomo Insurance (Europe) executive chairman Yohichi Kumagai was also banned and fined £119,303.
“It is clear that the FSA’s focus on corporate governance means that it is no longer a business “nice to have”. Perceived failings can cost a business millions in fines and will also see individual directors suffer,”
“Penalties are being imposed without the need for the FSA to point to a specific breach. We are seeing the regulator increasingly acting on the basis of much woollier principles which leave less room for argument,” continued Webster.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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