Bluefin’s £4m fine should serve as “wake-up call” for brokers, say experts
Compliance specialists say brokers need to ensure there are no conflicts of interest.
Compliance experts have urged brokers to review their systems and controls to make sure they are not misleading their customers.
This follows the news from 6 December that the Financial Conduct Authority (FCA) has fined Bluefin Insurance Services £4,023,800 for misleading its clients between 9 March 2011 and 31 December 2014, when the broker was owned by Axa.
The regulator stated that Bluefin had “inadequate systems and controls and failed to provide information to its customers about Bluefin
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