Sigrún Davíðsdóttir's Icelog

An FSA follow-up on Kaupthing managers: banned from financial sector jobs

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In a statement out today, following the FSA final notice, ending its investigation on Kaupthing Singer & Friedlander,  action is taken against the Kaupthing managers:

Following the conclusion of the investigation, Sigurdur Einarsson the former non-executive Chairman of KSFL, Hreidar Mar Sigurdsson former non-executive Director of KSFL and Armann Thorvaldsson the former CEO of KSFL have provided undertakings to the FSA that they will not perform any significant influence functions requiring the approval of the FSA at any UK authorised firms for a period of five years from 8 October 2008, the date KSFL was placed into administration. The FSA has not made any findings of regulatory breach against them and they have not made any admissions.

Einarsson was the chairman of Kaupthing and Sigurdsson the bank’s CEO. Einarsson still lives in London where he has lived since ca 2005. Interestingly, Sigurdsson moved from Iceland to Luxembourg after the collapse of Kaupthing. The FSA statement means that in 16 months the Kaupthing managers could again be working in the UK financial sector. They would however need to reapply for the proper license.

More on the FSA final notice re KSF here.

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Written by Sigrún Davídsdóttir

June 26th, 2012 at 10:48 am

Posted in Iceland

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