FSA bans six directors at insurance broker
Six former directors of an insurance company have been banned by the Financial Services Authority for distorting financial results.
The directors belonged to a firm called the Chiyoda Fire and Marine Insurance Company.
Three individuals Yoshiaki Yamazaki, Hiroshi Okazaki and Robert McKibbin have been banned from ‘performing any functions in relation to any regulated activity carried on by any authorised person’.
Three others – Kazuhide Oda, Toru Morota and David Titterington – have been ‘prohibited from performing any function involving the exercise of management authority over any othe person in relation to any regulated activity carried out by an authorised person’, the FSA said in a statement.
All six were, at various times, directors of the company, a subsidiary of a Japanese business.
In 1999, the company’s losses apparently reduced from £34m to £4m.