Bank of England fines MS Amlin Underwriting almost £10 million for risk management failings

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.”