Business Irish

Saturday 22 October 2016

UK and Irish authorities probe RSA accounts

Published 08/07/2015 | 02:30

The Central Bank in Dublin
The Central Bank in Dublin

THE Central Bank said its probe into accounting issues at insurer RSA is at an advanced stage.

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Once concluded, decisions regarding enforcement proceedings will be made, a spokeswoman said.

The investigation began in November 2013.

The regulator can fine firms €10m and can fine individuals €1m for regulatory breaches.

Yesterday, the British Financial Reporting Council said it is investigating former employees of RSA's Irish unit regarding accounting irregularities in 2012.

"The FRC has decided to investigate the conduct of certain individual members," the accounting and auditing authority said in a statement.

The probe is "a result of the identification of issues within the claims and accounting functions announced by RSA" it said.

The council did not name any individuals.

Philip Smith resigned as RSA's Irish chief executive in November 2013 and two executives were fired after the insurer began investigating how its Irish unit set aside reserves for insurance claims.

Mr Smith won a €1.25m award from an employment appeal tribunal last month after he brought a case saying he was made the "fall guy" for the accounting issues.

Irish Independent

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