UK’s FSA issues warning after banning Japanese exec

The Financial Services Authority has issued a warning over regulatory responsibilities after banning and fining the former executive chairman of Mitsui Sumitomo Insurance Company (Europe) in a move that could deter Japanese firms from expanding into the UK. Not only did the FSA ban Yohichi Kumagai and fine him nearly $200,000, it also imposed a fine of £3.345 million ($5.4 million) on the parent company MSIEU "for serious corporate governance failings". "Senior management must t…