FSA fines insurer £3.3m for corporate governance failings

clock

The Financial Services Authority (FSA) has fined wholesale insurer Mitsui Sumitomo Insurance Company (Europe) £3.3m for serious corporate governance failings.

It has also imposed a ban and fine of £119,303 on its former executive chairman, Yohichi Kumagai. The company is the London-based subsidiary of Japanese insurance firm Mitsui Sumitomo Insurance Company (Japan), which is part of one of the world's largest non-life insurance groups. The regulator said Kumagai had failed to ensure key posts at the company were filled with staff who had the necessary experience, knowledge and time to fulfil their roles effectively. For example, he failed to hire a chief underwriting officer, a factor which then hindered the firm's ability to control th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read
Crispin Odey hit with £1.8m FCA fine and ban

Crispin Odey hit with £1.8m FCA fine and ban

FCA cites lack of integrity

Sorin Dojan
clock 17 March 2025 • 2 min read
Reeves to overhaul regulatory regime as part of growth drive

Reeves to overhaul regulatory regime as part of growth drive

FCA and CMA face changes

Sorin Dojan
clock 17 March 2025 • 2 min read