PRA fines MS Amlin for governance failings

PRA has fined MS Amlin Underwriting Limited nearly £10m for failings in its governance, controls and risk management. The failings lasted for over 5 years and related to the governance and oversight of underwriting, underwriting controls, management information, data quality and risk management strategies add systems. Among PRA’s findings was that the firm:

  • had not embedded a strong or effective risk culture;
  • did not clearly delineate between 1st and 2nd lines of defence;
  • had no effective system of governance underpinned by an adequate and transparent organisational structure;
  • did not ensure proper MI was available; and
  • did not have effective underwriting controls.

PRA found the firm breached Fundamental Rule 5 and 6.

The firm benefitted from a 30% reduction for early settlement.

Emma Radmore