View more on these topics

FSA wins case to ban former AltSol CEO from financial services

The FSA has won its case before the Financial Services and Markets Tribunal to ban Alternative Solutions chief executive officer Milan Vukelic from working in the financial services industry.

The FSA says Vukelic lacked integrity during his five-year term at Alternative Solutions, the business unit established by the General Reinsurance Corporation to develop and market financial reinsurance products.

During his time at AltSol, from August 1997 until October 2002, Vukelic was responsible for overseeing and structuring three different transactions that were designed to allow the client insurance companies to hide very significant losses in their accounts.

The FSA says Vukelic knew that the deals were not genuine reinsurance transactions and that they could be used to mislead the clients’ auditors. Two of the three client insurance companies subsequently collapsed with wide-ranging consequences.

The Tribunal found that Mr Vukelic had “turned a blind eye” to the true nature of the contracts and was “reckless as to whether they were intended to mislead auditors and others”.

FSA director of enforcement Margaret Cole says: “This case has been fought every inch of the way by Mr Vukelic. We are determined to take whatever action is necessary to ensure that individuals should not avoid the consequence of their actions. The Tribunal rightly criticised his persistent failure to recognise his shortcomings.

“Those carrying out senior functions in regulated firms need to be clear that the FSA will hold them to the highest standards of behaviour and will take action against those who fall short. There is no place in financial services for the sort of behaviour demonstrated by Mr Vukelic.”


How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm