FCA fines broker for misleading customers

FCA has fined Bluefin Insurance Services Limited £4,023,800. It found the firm had inadequate systems and controls, as it held itself out to be truly independent but did not properly manage the conflicts that arose by virtue of its status as wholly owned subsidiary of AXA UK plc. As a result it used a policy which focused on increasing the parents’ business over TCF. It failed to disclose this policy to customers, thereby misleading them in to thinking it would carry out an unbiased search of the market.