Internal Audit warned of 'underwriter-led' culture at Lloyd's firm fined £9m by PRA

A Lloyd's underwriter has been fined over £9 million by the PRA after failures to comply on a range of governance and risk issues - despite warnings to the board from the regulator, and concerns expressed by the Internal Audit team about the prevailing 'underwriter-led' culture.

By Neasa MacErlean

MS Amlin Underwriting Ltd's fine (of £9,695,000, net of a 30 per cent early settlement discount) was given, according to the Prudential Regulation Authority announcement, for failures relating to its "governance and oversight of underwriting, underwriting controls, management information, data quality, and risk management strategies and systems".