Six banned for distorting insurer’s accounts

In its first enforcement proceedings against the senior management of an insurer, the FSA has issued prohibition orders against six former directors of Chiyoda Fire and Marine Insurance Company (Europe) Limited (CE) for manipulation of the UK firm’s results in 1999 and 2000. Mr Yoshiaki Yamazaki, Mr Hiroshi Okazaki and Mr Robert McKibbin are proscribed from performing functions associated with the regulated activity of any authorised person. Mr Kazuhide Oda, Mr Toru Morota and Mr David Titterington are not permitted to manage any person who undertakes regulated activity for an authorised entity. The FSA has determined that the six men, who were directors of CE (now called Aioi Insurance Company of Europe [AE]), are not fit and proper; their conduct, it says, was marked by a “fundamental lack of honesty and integrity”.