A former chief executive whose actions as CEO 'lacked integrity' has been banned by the Financial Services Authority from working in the UK financial services industry. The FSA case, held before the Financial Services and Markets Tribunal, claims that Milan Vukelic helped client insurance companies hide significant losses in their accounts, while working as CEO of Alternative Solutions, a business unit established by the General Reinsurance Corporation. Vukelic was CEO from 1997 until 2002. During his time in the position he had responsibility for overseeing and structuring three different transactions that were designed to allow the client insurance companies to hide losses in their accounts. The FSA claimed that Vukelic knew the deals were not genuine reinsurance transactions and that they could be used to mislead the clients' auditors. The tribunal ruled that Vukelic had 'turned a blind eye' to the true nature of these contracts and was 'reckless as to whether they were intended to mislead auditors and others'. FSA director of enforcement Margaret Cole said: 'This case has been fought every inch of the way by Mr Vukelic. We are determined to take whatever action is necessary to ensure that individuals should not avoid the consequence of their actions. The tribunal rightly criticised his persistent failure to recognise his shortcomings.' 'There is no place in financial services for the sort of behaviour demonstrated by Mr Vukelic,' she added.