FCA fines ex-Axa owned insurance broker £4m

'Independence was compromised'

Hannah Godfrey
clock • 2 min read

The FCA has fined insurance broker Bluefin Insurance Services £4,023,800 for misleading customers about its business strategy during a period it was wholly owned by Axa UK.

The regulator said it fined Bluefin for having "inadequate systems and controls" and failing to provide information to its customers about the company's independence in a way that was "clear, fair and not misleading". Between 9 March 2011 and 31 December 2014, Bluefin promoted itself as "truly independent" in the advice it provided and the insurers it recommended to customers. It was, however, wholly owned by Axa UK during this period although it has since been sold by the insurance giant. The regulator argued Bluefin's independence was compromised by its culture and business strategi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

 Regulatory directives to watch out for in 2025

Regulatory directives to watch out for in 2025

Key ongoing directives firms should factor into their business planning

Chris Davies
clock 13 January 2025 • 5 min read
Commissioner sides with FCA over SIPP complaint

Commissioner sides with FCA over SIPP complaint

Outside of the regulator’s relevant functions

Isabel Baxter
clock 08 January 2025 • 2 min read
Survival of the fittest: Certification regime under the spotlight

Survival of the fittest: Certification regime under the spotlight

Has been described as overly complicated and prescriptive

Sandy McGregor
clock 06 January 2025 • 5 min read