JLT fined £1.8m by FCA over bribery and corruption risks
Punishment handed down for “unacceptable” approach to bribery and corruption risks from overseas payments.
The Financial Conduct Authority (FCA) has fined JLT Specialty Limited over £1.8m for failing to have appropriate checks and controls in place to guard against the risk of bribery or corruption when making payments to overseas third parties.
The broker was found to have failed to conduct proper due diligence before entering into a relationship with partners in other countries - known as overseas introducers - who helped it secure new business.
According to the regulator JLT Specialty also did not
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