FSA strikes: Keith Rutter fined £20 000
The Financial Services Authority has shown it plans to follow through its policy of holding directors responsible for their actions and has imposed a statement of public censure on The Underwriter Insurance Company and fined its former CEO Keith John Rutter £20 000. The FSA said its actions relate to steps taken by The Underwriter in 2001 and 2002, when Mr Rutter was CEO, which had the effect of circumventing regulatory requirements set by the FSA.
The Underwriter has been censured for breaching Principle 11 of the FSA's Principles for Business which requires a firm to be open and co-operative with the FSA. Mr Rutter has been fined forOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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