The United Kingdom’s Financial Conduct Authority fined insurance firm JLT Specialty Limited £1.8 million for failing to use adequate controls against overseas bribery risks.
The regulator, which oversees the conduct of financial firms in the U.K., said JLTSL failed to conduct proper due diligence before entering into partnerships with so-called overseas introducers, third parties which helped JLTSL win or retain business in other countries. The London-based firm also failed to adequately assess potential risks from new business secured through existing overseas introducers, the FCA said in a statement released 19 Dec.
