Big brokers confirm FCA investigation

The likes of Marsh, Willis Towers Watson, Aon, JLT and more are all under the spotlight

Big brokers confirm FCA investigation

Insurance News

By Louie Bacani

The Financial Conduct Authority (FCA) has started probing five of the biggest aviation insurance brokers in the UK over allegations of improper sharing of confidential client data.
Aon, Jardine Lloyd Thompson (JLT), Marsh, UIB and Willis Towers Watson are the five brokers currently under the probe, according to media reports.
Citing sources familiar with the investigation, the Financial Times reported that the FCA carried out raids earlier this month, taking away computers and information from the brokers.

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Aon confirmed the FCA probe into suspected conduct within the aviation broking industry, which represented less than US$100 million in global revenue for the company in 2016.
The broker said in a statement that it was “working diligently” with the FCA to ensure that it can carry out its work “as efficiently as possible.”
“We cannot comment on the details of this investigation as it is ongoing, other than to say Aon takes compliance and regulatory issues extremely seriously and has a strong and respectful relationship with the regulator,” Aon said.
JLT also confirmed its participation in the investigation and ensured it will provide “all appropriate assistance” to the FCA. The broker said it “takes all regulatory matters very seriously and has a constructive relationship with all the regulators that it works with across the JLT Group.”
In a statement reported by Reuters, Marsh said the FCA had “reasonable grounds” for suspecting that the brokers have been sharing “competitively sensitive information” within the aviation re/insurance sector.

Brokers UIB and Willis Towers Watson also told the news agency that they were “cooperating fully” with the FCA probe.

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