Goshawk Syndicate Management (GSML) has been fined £220,000 by the FSA for breach of rules.
GMSL, a wholly-owned subsidiary of Goshawk, was previously responsible for the management of Syndicate 102 at Lloyd's.
The fine is in relation to certain breaches of the FSA's Principles for Business and of the FSA's rules on Senior Management Arrangements, Systems and Controls module of the FSA handbook during 2002 and 2003.
Goshawk said its current senior management was not responsible for the breaches and that it has been open and co-operative with the FSA during the regulator's investigations.
The company has also received written confirmation from Lloyd's that it will not bring disciplinary procedures against GSML in respect of the matters.
Goshawk said the amount has been fully provided for in the company's 2004 accounts.