The FSA and the Australian Prudential Regulation Authority (APRA) have a prohibited reinsurance specialist from trading for five years.
Under the terms of the FSA prohibition, John Byrne is prohibited for five years from performing any controlled function requiring FSA approval in the UK.
Byrne was allegedly involved in arranging and structuring a number of financial reinsurance transactions that enabled counter party insurers to misrepresent their financial position.
Under the terms of the enforceable undertaking accepted by APRA, he is not to be or act for five years in Australia as a director or senior manager of a general insurer, non-operating holding company or agent of a foreign general insurer.
The FSA and APRA concluded that Byrne was involved in financial reinsurance contracts that he knew lacked sufficient risk transfer.
