Philip Smith, former chief executive of insurance company RSA Ireland, has been barred from holding a senior financial role for 13 years. The Central Bank of Ireland has barred former RSA Insurance Ireland chief executive Philip Smith from holding a senior financial role for 13 years but decided not to impose a fine, for fear that it could push him into bankruptcy. The regulator said that Mr Smith’s participation in regulatory breaches by RSA Ireland merited a financial penalty of €120,000. The Central Bank fined RSA Insurance Ireland €3.5 million in late 2018 for regulatory breaches relating to the accounting issues. RSA Insurance in Ireland rebranded in October to Intact Insurance as part of a rebranding of the wider RSA Insurance Group by its Canadian owners.
