FCA fines JLT Specialty £7.8m for financial crime control failings
The Financial Conduct Authority (FCA) has fined JLT Specialty £7,881,700 for financial crime control failings, which in one instance allowed bribery of over $3m (£2.45m) to take place.
The FCA previously fined JLT Specialty £1,876,000 in December 2013 for similar risk control failures around overseas introducers and bribery and corruption.
The latest penalty is for breaches that occurred between 21 November 2013 and 6 June 2017.
The watchdog found JLT Specialty had made efforts to improve following 2013 but a breach still occurred allowing another JLT group entity to engage in bribery.
The FCA stated the organisation “missed opportunities to evaluate the bribery and
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