Equity Red Star boss in Lloyd's ban
Tuesday 19 February 2013
Neil Utley, the colourful City entrepreneur, has been banned from working in the Lloyd's of London insurance market for two years and ordered to pay £130,000 in costs.
The 51-year-old has agreed to settle two cases of "detrimental conduct" with the 326-year-old City institution, linked to his tenure as the chief executive of underwriting syndicate Equity Red Star between 2005-2010.
Equity, which has since been bought by a United States private-equity firm, ran into difficulties due to mounting personal injury claims.
Lloyd's said Mr Utley failed to ensure there were "sufficient systems and controls" at the troubled group.
He also failed to provide its board with "sufficiently comprehensive management information" relating to its claims, the market added.
Mr Utley owns record label, Nusic Sounds, and controls part of Hastings Insurance Group, which is widely tipped to be seeking a stock market flotation over the coming months.
Nusic Sounds counts former Busted singer Charlie Simpson as its star attraction. In a statement shortly after the fine and ban was announced, Mr Utley said: "The Notice of Censure confirms that my behaviour was not deliberate, wilful or even reckless and that I did not act in a dishonest manner or make any personal financial gain.
"Lloyd's notes that this was a period of difficult conditions across the entire motor market and they state that none of the matters they reviewed caused any increase in claims or loss to policyholders.
"Having resolved all of these regulatory issues I will now be free to devote my time and attention to building on the considerable success that we have enjoyed at Hastings."
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...