LONDON (Reuters) – Britain's regulator fined insurance broker JLT Specialty (JLTSL), a unit of Jardine Lloyd Thompson, over 1.8 million pounds ($2.95 million) for an "unacceptable" approach to bribery and corruption risks from overseas payments.
The Financial Conduct Authority (FCA) said on Thursday JLTSL failed to conduct proper due diligence before entering into relationships with partners in other countries who helped the broker secure new business between 2009 and 2012.
The regulator said that during this period, JLTSL received almost 20.7 million pounds in gross commission from business provided by so-called overseas introducers, and paid them over 11.7 million pounds in return.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
