Great effort from the guys at AEGON, who have managed to ball up their accrued op risk loss in the UK division (from their Scottish Equitable business) into a £20-something million loss.
The first substantial press I saw on this was from when the FSA delivered an almighty behind-kicking at the turn of the year after AEGON UK coughed up to a cavalcade of errors over a number of years.
Bearing in mind how many insurance undertakings will have data cleansing projects ongoing to prepare for Internal Model requirements etc under Solvency II, I think there may be a few more of these around - for now, chalk this one down in your scenario analysis!
PS - Thanks to the massive outage on Blogger yesterday, I am catching up!
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