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.

Only today 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 copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

If you already have an account, please sign in here.

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Review of the Year 2023: Acrisure’s Mark McIlquham

In the first of our ‘Review’ series Mark McIlquham, president of Acrisure UK Retail, reflects on whether the 15-year cycle will see a large insurer buy a large broker, and how he’d recast the Barbie film with senior figures from its ‘network dream team’

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: