FCA fines drop to £214.3m in 2022
The Financial Conduct Authority dished out £214,250,056 in fines in 2022, the fourth lowest on record since the FCA was formed in 2013.
JLT Specialty was hit with the only general insurance broking related fine last year.
It was slapped with a £7.9m penalty for financial crime control failings, which in one instance allowed bribery of over $3m (£2.45m) to take place.
The business in question was conducted between November 2013 and June 2017.
The regulator did not fine any UK general insurers in 2022.
The biggest fine in the past 12 months was issued to Santander UK.
The FCA fined the bank £107.8m in December after the
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Biba 2024: Conference to return to Manchester for next two years
The British Insurance Brokers’ Association has confirmed its conference will return to Manchester in 2025 and 2026.
Biba 2024: David Perry and Ethan Godlieb pick up awards at conference
The British Insurance Brokers’ Association has named David Perry, CEO of FSB Insurance Services, as the winner of its 2024 Francis Perkins Award, and Aon’s Ethan Godlieb as the Oliver Rose Biba Young Broker of the Year 2024.
Zurich ‘simplifying’ trading with broker team changes
Zurich has consolidated its commercial and retail distribution teams as it aims to make trading with brokers easier.
Brown & Brown snaps up family-owned broker since 1877
Brown & Brown (Europe) has bought two brokers: family-owned Garratts Insurance Brokers Limited and BNF Insurance Services.
Biba 2024: Pen to hit £1bn GWP target a year early says Downey
Tom Downey, CEO Pen Underwriting, hopes the managing general agent will hit £1bn gross written premiums by the end of 2024 or early next year, 12 months ahead of schedule.
Biba 2024: Aviva not afraid of ‘tough’ conversations, but ‘categorially’ committed to broker PL, says MD Morris
Aviva has reiterated its commitment to brokered personal lines business, although it is not opposed to a bit of ‘tough’ love to maintain a consistent approach to the market.
Biba 2024: Brokers and insurers have huge role to play in raising awareness of Martyn’s Law
The insurance industry has a huge role to play in raising awareness of the incoming legislation aimed at protecting premises from terrorism attacks, the audience at the British Insurance Brokers’ Association’s 2024 conference has heard.
TBIG invests in Deva
The Broker Investment Group has taken a minority 49% stake in Chester-headquartered Deva Risk Group in its sixth deal of the year.
Most read
- ‘Not right’: Biba CEO Trudgill reveals sad letter of small broker crushed by regulation
- Jensten wholesale division split sees MD Simon Taylor exit
- Biba 2024: Aviva not afraid of ‘tough’ conversations, but ‘categorially’ committed to broker PL, says MD Morris