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Former CFO slapped with fine by FRC

Former CFO of insurance firm admitted approving inaccurate financial statements

The former CFO of RSA Insurance Ireland (RSAII) has been sanctioned by the Financial Reporting Council (FRC) after admitting misconduct.

Rory O’Connor admitted breaching the fundamental principles of integrity and objectivity when he approved inaccurate financial statements for RSAII between 2010 and 2012.

O’Connor has been excluded from the Chartered Institute of Management Accountants (CIMA) for three years and ordered to pay a fine of £35,000, plus a further £18,000 to offset the Executive Counsel’s costs.

Two former actuaries from RSAII have also been sanctioned.

Gareth Rees QC, Executive Counsel to the FRC, said:

“These significant sanctions… reflect the seriousness of the failings by these individuals.”

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