Insurance industry achieves FCA fine free 2023

Fine warning sign

The Financial Conduct Authority dished out £52.8m in fines in 2023, the second lowest total since the regulator was formed in 2013.

The insurance industry went through the calendar year without being hit with any financial penalties by the watchdog.

The largest fine, of £17.2m, was handed down to ED&F Man Capital Markets in June.

The business was punished for serious failings where it collected millions in fees for trading strategies designed to enable its clients to illegitimately reclaim tax from the Danish authorities.

Quarter

The 2023 total was less than a quarter of the £215.8m issued in 2022.

In that year JLT Specialty was

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