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.
, Jardine Lloyd Thompson (JLT
, UIB and Willis Towers Watson are the five brokers currently under the probe, according to media reports.
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.”