December 17, 2017

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FCA Fines Broker For Misleading Customers

FCA has fined Bluefin Insurance Services Limited £4,023,800. It found the firm had inadequate systems and controls, as it held itself out to be truly independent but did not properly manage the conflicts that arose by virtue of its status as wholly owned subsidiary of AXA UK plc. As a result it used a policy which focused on increasing the parents’ business over TCF. It failed to disclose this policy to customers, thereby misleading them in to thinking it would carry out an unbiased search of the market.

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About this Author

Emma Radmore, Womble Dickinson Law Firm, United Kingdom, Finance Law Attorney
Legal Director

Emma joined the firm in August 2016. She has over 20 years' experience of specialising in financial services regulation. Emma advises UK and international clients on compliance with all aspects of financial regulation and prevention of financial crime.

Emma acts for a range of regulated clients including banks, fund managers, investment firms, insurance firms and other retail intermediaries.

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