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FCA Fines Broker £4M For Misrepresenting Owner Conflicts

Law360, London (December 6, 2017, 3:26 PM GMT) -- The U.K. Financial Conduct Authority fined Bluefin Insurance Services Ltd. more than £4 million ($5.3 million) on Wednesday for purporting to offer "truly independent" advice, despite being owned by AXA U.K. PLC, and for failing to manage conflicts arising from that arrangement.

The regulator said the large broker had presented itself as independent when it advised consumers and recommended insurers between March 2011 and December 2014, despite being owned by AXA at the time. Bluefin also failed to implement adequate systems and controls to manage conflicts...
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