Broker firm fined £1.8m for failing to manage bribery and corruption risks

The Financial Conduct Authority (FCA) has fined JLT Speciality, a firm that provides insurance broking, risk management and claims consulting services to a wide range of national and international corporate clients, £1,876,000 for failing to manage bribery and corruption risks created by overseas payments, in breach of Principle 3 of the FCA’s Principles for Businesses (PRIN).

The FCA found that, between February 2009 and May 2012, JLT failed to have in place adequate risk management systems and controls for countering the risks of bribery and corruption associated with making payments to overseas third parties (known as overseas introducers) who helped JLT to win and retain business from overseas clients…

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