Former ERS director faces FRC complaint

The UK's Financial Reporting Council (FRC) has made a formal
complaint against former Equity Syndicate Management Limited (ESML)
director Douglas Morgan for a failure relating to reserving
practices at Syndicate 218 between 2007 and 2009.
The Lloyd's motor specialist had a difficult 2010, with
£499mn ($667mn) of losses caused by fierce competition,
under-reserving and claims inflation.
The losses, which shattered a three decade-long unbroken streak
of profitability, were racked up on net e