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Financial Conduct Authority fines Bluefin £4m for misleading customers

Jaclyn Jaeger | December 6, 2017

The Financial Conduct Authority today fined Bluefin Insurance Services Limited £4 million for having inadequate systems and controls and failing to provide information to its customers about Bluefin’s independence in a way that was clear, fair, and not misleading.

Between 9 March 2011 and 31 December 2014, Bluefin, an insurance broker that was wholly owned by insurer AXA UK during this time, held itself out to be ‘truly independent’ in the advice it provided and the insurers it recommended to customers, but "Bluefin failed to implement adequate systems and controls to manage the conflict that arose from Bluefin’s ownership," the FCA stated.

Bluefin’s independence was compromised by its culture, which promoted business strategies, including a policy which focused on increasing the business placed with its parent company, over treating customers fairly. Bluefin brokers did not disclose this policy, so customers risked being misled into believing they were dealing with a...

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