FCA fines insurance broker £1.8m for bribery risk control failings

The firm failed to have in place appropriate checks and controls to guard against the risk of bribery or corruption when making payments to overseas third parties, the FCA said. JLT, which provides insurance broking and risk management services, was found to have failed to conduct proper due diligence before entering into a relationship with partners in other countries who helped it secure new business, known as overseas introducers. JLT also did not adequately assess the potential risk of new insurance business secured through its existing overseas introducers. FCA director of enf...