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Iceland FSA Fires CEO for Failing to Disclose Bank Holdings

Iceland’s Financial Supervisory Authority fired its director Gunnar Andersen, following an investigation into his failure to disclose holdings at Landsbanki Islands hf, where he worked 11 years ago.

Andersen, who took over as the Reykjavik-based watchdog’s head in 2009, will step down immediately, the regulator said in a statement. The FSA also reported to the police that Andersen gathered information on the island’s financial system without authorization, according to the statement.

State broadcaster RUV reported in November that Andersen had been involved with offshore companies owned by Landsbanki in 2001, and that he failed to disclose this to the regulator 11 years ago.

Andersen on Feb. 17 refused a request to step down. “The continued and pointless probes are in reality a servitude to those parties that most fear the FSA and the efficient operations of the regulator,” he said in a letter to the board in February, according to a copy obtained by Bloomberg.

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