The FCA fines Bluefin £4m
Regulator says broker failed to manage conflict arising from being owned by Axa in 2011 to 2014.
The Financial Conduct Authority (FCA) has fined Bluefin Insurance Services £4,023,800 for “having inadequate systems and controls and failing to provide information to its customers about Bluefin’s independence in a way that was clear, fair and not misleading”.
The FCA detailed that between 9 March 2011 and 31 December 2014, Bluefin, which was owned by Axa UK at the time, held itself out to be ‘truly independent’ when providing advice and recommending insurers to customers.
However, according
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