Insurance Age

JLT insists it has "put in place updated policies"

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    • Andrew Pearce

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FCA-fined broker confirms systems and procedures were inadequate.

JLT Specialty has accepted the £1.8m fine from the Financial Conduct Authority (FCA) for having inadequate systems and procedures in place around potential bribery and corruption risks involving third party relationships.

The penalty was given by the regulator for business conducted between February 2009 and May 2012.

According to the watchdog during this time JLT received almost £20.7m in gross commission from business provided by overseas introducers, and paid them over £11.7m in return.

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