Kumagai’s cautionary tale

Though former UBS head of wealth management John Pottage had a £100,000 fine from the regulator overturned at the Upper Tribunal, the London managing director of Mitsui Sumitomo, Yohichi Kumagai, capitulated to a lifetime ban and personal fine of £119,303. Peter Wright and Molly Ahmed outline how the case illustrates particular compliance concerns and the FSA’s “crystal clear” intentions to keep pursuing senior managers for breaches.

Peter Wright is a partner and Molly Ahmed a senior associate at law firm Fox Williams. Contact them on pwright@foxwilliams.com and mahmed@foxwilliams.com.

Track and field athlete Dwain Chambers would ostensibly appear to have very little in common with Yohichi Kumagai, the former executive chairman and managing director of the London branch of the Japanese insurer Mitsui Sumitomo Insurance Company (Europe) (MSIEu). However, they have both been the recipients of lifetime bans in their respective fields.