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Outspoken FBD chief subject to internal investigation, insurer reveals

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Fiona Muldoon is known for her forthright approach. Photo: Damien Eagers

Fiona Muldoon is known for her forthright approach. Photo: Damien Eagers

Fiona Muldoon is known for her forthright approach. Photo: Damien Eagers

The chief executive of stock market-listed insurer FBD is subject to an ongoing internal investigation, the company said last night.

It is understood the probe may relate to a personnel issue, and is not a financial matter affecting the company.

She remains in place and the Irish Central Bank, FBD's regulator, is understood not to be involved.

In a statement to the stock exchange, FBD said it noted a recent press enquiry regarding "internal allegations" made against Fiona Muldoon.

"An investigation relating to this matter is ongoing. The investigation is being conducted with due regard to the rights of all the parties involved. Ms Muldoon remains in her position as chief executive of FBD."

The company declined to provide further details about the nature of the case.

Ms Muldoon did not respond to a request for comment.

It is unusual for a stock market-listed company to issue a notification to exchange about purely internal matters.

Ms Muldoon is among the most high-profile women in Irish business, one of just a handful of female CEOs of Irish public companies. Her pay at FBD hit €1m last year, making her one of the highest-paid people in Irish business. As well as her role at FBD, she sits on the board of Bank of Ireland as a non-executive director.

She is a former senior regulator at the Central Bank who rose rapidly to the top of FBD after joining as chief finance officer in 2015.

She helped oversee its response to, and rescue from, a threatened financial crisis of its own around that time that had followed a string of bad winters.

She was known for her outspoken and forthright approach. She made headlines during her time as a regulator when she compared top bankers to surly teens for their failure to get on top of the mortgage crisis.

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In 2014, after standing down from her full-time Central Bank job, she was appointed to its panel of outside experts set up to probe suspected breaches of financial regulations.


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