The FCA has fined JLT Speciality Limited (JLT) £1,876,000 (including a 30 per cent discount) for failing to have proper risk management systems and controls in place to counter the risk of bribery and corruption associated with making payments to overseas third parties. JLT, a provider of specialist insurance broking, risk management and claims consulting […]

The FCA has fined JLT Specialty Limited (“JLT”) £1.8 million (Stage 1: 30% discount) for a breach of Principle 3 (management and control). The failure comes from what it [FCA] describes as JLT’s failure to conduct adequate due diligence when making payments to overseas third parties that introduced business to JLT; its failure  to assess […]