The Bank of England (PA)
(Picture: PA Wire)The Prudential Regulation Authority has fined MS Amlin Underwriting, a Lloyds of London insurer, almost £10 million for a series of regulatory failings, including risk management.
The watchdog, which is part of the Bank of England, said MS Amlin did not have adequate governance, oversight and risk management in place after restructuring its business into three divisions. The changes were made in September 2014 and the failings continued until the end of 2019. The PRA said the issues raised in its concerns -- which included the company’s systems, controls and processes, were not addressed “in an effective and timely manner.”
Sam Woods, deputy governor for prudential regulation and chief executive officer of the PRA, said: ““It is vital that firms have in place appropriate governance, oversight and risk management controls, and that firms remediate issues identified by the PRA in a full and timely manner. The penalty reflects the seriousness of MSAU’s failure to meet the expected standards in this case.”
MS Amlin Underwriting said: “This draws a clear and final line under legacy matters which culminated in our adverse financial performance in 2017. The new management team, established in 2020, has completed a comprehensive programme of structural and strategic changes which has dealt with these historical matters, and supported a return to profitable growth.”
