Insights / News
Insights / News
In proceedings brought before the Lloyd’s Enforcement Board, two senior underwriters at a Lloyd’s Managing Agent have each accepted charges of discreditable conduct relating to improper appropriation by them of confidential information of commercial value to their employer.
Mr Christopher Larkby and Mr David Larkby both worked as senior underwriters in the High Risk team at ERS Syndicate Management Limited (‘ERS’), underwriting on behalf of syndicate 218 until 2017, when they joined another insurance firm (not regulated by Lloyd’s). As persons who worked for a Lloyd’s managing agent, both individuals were and remain within Lloyd’s enforcement jurisdiction in respect of the acts committed during the relevant period. Over a period of a year prior to their respective departures, Messrs Christopher and David Larkby each sent to third parties and to their personal email addresses a number of emails attaching documents that were confidential to ERS and included commercially valuable information and in some cases personal data.
Messrs Christopher and David Larkby accepted that they should not have disclosed the information and documents and by doing so breached their duties to their employer and the standards expected by Lloyd’s of an underwriter. Accordingly, they accepted the charge of discreditable conduct brought against them. Both underwriters have been suspended from Lloyd’s business for a period of 3½ years, censured, fined and ordered to pay costs.
For further information on this matter, please refer to the Lloyd’s Market Bulletin.
Oliver advises, and appears for, firms and individuals in respect of regulatory investigations and associated enforcement proceedings brought by Lloyd’s and the FCA.
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News 29 Aug, 2018