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Governance, Controls and Risk Management: Lessons from the PRA’s MS Amlin fine

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The Prudential Regulation Authority’s (PRA) recent fine of MS Amlin Underwriting Limited (MSAUL) for failures in governance, controls and risk management should act as a wake-up call for firms to ensure that they have their affairs in order before the regulator comes knocking.

While PRA fines are not frequent, we have seen increasing regulatory activity in this area, through formal risk mitigation plans (RMPs), attestations and the commissioning of skilled persons reviews. Our advice to firms is to proactively review how they fare against rising regulatory expectations.