FSMT has supported FSA’s decision to ban the former business manager of Gen Re from working in the financial services sector. Milan Vukelic was the CEO of one of Gen Re’s business units. FSA found he had structured and overseen three transactions that allowed the client insurance companies to hide significant losses. FSA found he knew the deals were not genuine reinsurance contracts and turned a blind eye to the fact the companies could use them to mislead auditors. Mr Vukelic persistently failed to admit his shortcomings. This is the last in a range of cases FSA took against individuals involved in financial reinsurance.