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George McGregor fined
GEORGE McGREGOR FINED
The former finance director of Royal Liver Assurance , George McGregor has been fined for dishonest, deliberate and sustained misconduct. The amount of the fine is £109.000 and the FSA have also reported that he has been falsifying the signatures of the Royal Liver`s chief executive.The Financial Services Authority have fined George McGregor (52) for entering into contracts on behalf of Royal Liver without authorisation and which benefited a former Royal Liver employee. George McGregor has also been banned from the industry by the FSA and in their statement issued by them -" he had abused his position of responsibility."It would appear that according to the FSA his behaviour merited a fine of £1 Million but the fine was reduced as it would cause him serious financial hardship.According to the FSA George McGregor entered into contracts on behalf of Royal Liver between May 2009 and November 2009, with two companies which were controlled by a former employee of Royal Liver.George McGregor was negotiating the former employee`s bonus but thought that the amount he had agreed with him would not be approved by the board of Royal Liver. He therefore sort to conceal the amount by entering into two contracts which would pay large sums of money into companies belonging to the former employee.The FSA have stated that George McGregor abused his position in Royal Liver and he withheld information from Royal Liver and circumvented systems and controls for approving contracts which he himself had been instrumental in implementing.Signatures had also been falsified of Royal Liver`s CEO in order to process monies related to the contracts according to the FSA. Amounts of £3.6M were paid because of this to the two companies and a contractual liability of possibly £18M was incurred by Royal Liver.In its report about the matter FSA stated that" George McGregor had failed to act with integrity and is not a fit and proper person to work in the Financial Servives Industry."They further added " Those who take on the responsibility of being an approved person should be in no doubt about our commitment to take the strongest action to tackle behaviour which falls below the high standards we expect"The FSA added that Mr McGregor had co-operated fully with them and had agreed to settle at an early stage. He qualified therefore for a 30% discount on the fine of £155,771 which reduced the figure to £109,000.The matter was first reported on this website in 2010 and can be found in the Archive Section-Changes within Royal Liver.Shortly after the FSA annoucement Royal London indicated that they may take action to recover the funds transferred to the third party however on 09th May 2012 it was revealed that an agreement had been made with Utility Capital Management (company to which George McGregor transferred the monies). It is a confidential settlement between Royal London and UCM. In a statement issued from UCM this week "Royal London Mutual Insurance Society Limited and Mr James Stuart-Smith, Utility Capital Management Limited and Utility Capital Management LLP announce they have settled the dispute between them, the terms of which are confidential" They further added "We are pleased to have reached a settlement. The potential distractions of the dispute are now removed, and the FSA final notice on Mr. McGregor made clear that any wrongdoings was confined to his actions. In the meantime UCM has been growing its sucessful business, improving insurers` solvency and investment returns, insurers need better, more capital efficent ways to invest, and so there is a lot of demand for UCM`s investment advisory services." A spokesman for Royal London said " We have settled the dispute. The terms are confidential. The dispute was not between Royal London and UCM, but Royal Liver and UCM. This draws a line under the issue"In 2010 when reports were made about the sacking of George McGregor by Royal Liver, it was also reported that Royal Liver were considering legal action however this would depend on the FSA investigation and their findings of same.
Royal Liver Superannuitants Association