Farhaz Khan acts for Lloyd’s of London in regulatory proceedings settled with Amlin Underwriting
Lloyd’s of London has settled regulatory charges against Amlin Underwriting Limited (AUL), part of the Amlin group, for breaches of the Lloyd’s Premium Trust Deed (PTD).
AUL made payments of c.$88 million out of the PTD which were unconnected with the underwriting of the Syndicate 2001, in breach of the terms of the PTD. AUL failed to maintain adequate systems and controls around the use of the PTD assets, and also failed to investigate the matter in a timely way.
AUL agreed to pay a fine of £630,000 (discounted for settlement) and make a contribution to Lloyd’s costs.
Farhaz Khan carried out the investigation into AUL alongside the Lloyd’s Market Conduct team, and acted for the Council of Lloyd’s in bringing the charges and settling the matter.
Farhaz was instructed by Paul Brady, Head of Policyholder & Third Party Oversight & Gabriella Barker, Market Conduct Manager.
The Lloyd’s bulletin can be found here. See also: http://www.insurance-business-review.com/news/amlin-fined-by-lloyds-for-premium-trust-deed-breech-040417-5777842
Farhaz is ranked as a leading barrister for Financial Services (Band 1) in Chambers UK, which states that he is “probably the best junior at the Bar for financial services work, he’s just excellent” and “an increasingly admired junior with a growing following among the largest corporations and institutions in the sector. Instructed by both private clients and the regulator, and combining his knowledge in this area with a broader commercial and civil practice, he is well able to contend with the most complex and multifaceted issues in the space.”
Barristers: Farhaz Khan