FCA 2013 insurance fines soared 160% to £44.6m

Bag of money

Broker-specific fines rose to £9.76m, mainly fuelled by the JLT and Swinton penalties.

Financial Conduct Authority (FCA) fines on the insurance sector soared by some 160% to £44.6m last year, compared to the £16.9m during 2012. 

Broker-specific fines also leapt up to £9.76m - largely fuelled by the hefty penalties dished out to JLT and Swinton - from some £807,050 recorded during 2012.

Overall, the recently-updated 2013 FCA fines table confirmed that total charges levied on financial services rose significantly to £474m for the year, up on the £312m for 2012.

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