FCA brings fighting financial crime under the microscope for brokers and insurers
The Financial Conduct Authority has pinpointed risk assessment, policies and procedures as areas for insurers and brokers to improve in the fight against financial crime.
Fighting financial crime is one of the four key pillars of the FCA’s 2025-2030 strategy.
The authority previously committed to reviewing the effectiveness of systems and controls across a selection of larger insurance firms.
Accordingly, it asked for documents from “a broad spread of large firm business models and markets”. The files covered 38 questions across ten key groups (see box, right).
“We wanted to understand how well firms are mitigating the risks of being used to further financial crime
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