Policy and practice of equal importance for FCA compliance
By Andrew Northage
In late December 2013, the Financial Conduct Authority (FCA) fined JLT Specialty £1.87m for failings in its anti-bribery controls in relation to overseas introducers that had assisted it to win and retain insurance business. The fine was reduced from more than £2.68m as a result of JLT agreeing to an early settlement.
JLT is an insurance broking, risk management and claims consulting business and a wholly owned subsidiary of Jardine Lloyd Thompson Group, the largest Europe-based broker quoted on the London Stock Exchange.
Despite the fact that JLT’s due diligence procedures in relation to introducers had been assessed by an external adviser as being comprehensive in September 2011, and that the FCA found no evidence that JLT had either permitted or intended to permit any illicit payment or inducement to any overseas introducers, the FCA fined JLT for failing to use its procedures effectively…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Also: spouses’ rights, and the meaning of ’acting by the receivers’.
There has been a raft of recent cases where the Health and Safety Executive has successfully prosecuted individuals and firms who have permitted staff and others to suffer injury while working at height.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.