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FCA fines insurance firm £1.8m for risk control failings

by Alex Steger on Dec 19, 2013 at 09:07

FCA fines insurance firm £1.8m for risk control failings

The Financial Conduct Authority (FCA) has fined JLT Specialty Limited £1.8million for failing to have in place appropriate checks and controls to guard against the risk of bribery or corruption when making payments to overseas third parties.

The regulator said JLT Specialty, which provides insurance broking and risk management services, was found to have failed to conduct proper due diligence before entering into a relationship with introducers in other countries.

Tracey McDermott (pictured), FCA director of enforcement and financial crime, said: ‘These failings are unacceptable given JLT Specialty actually had the checks in place to manage risk, but didn’t use them effectively, despite being warned by the FCA that they needed to up their game.’

‘Businesses can be profitable but firms must ensure that they take the necessary steps to control the risks in that business.'

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