Insurance Broker Gets Watchdog Censure And Agrees Payout
Law360, London (April 20, 2021, 5:10 PM BST) -- An insurance broker has been publicly censured and will pay almost £400,000 (£558,000) in compensation to customers for failing to properly monitor the way its sales agents treated clients, Britain's finance watchdog said on Tuesday.
The Financial Conduct Authority said wholesale and reinsurance broker Alsford Page & Gems Ltd. would also have been hit with a £958,100 fine had it not established that it was facing serious financial difficulties and would be unable to pay.
This potential penalty would have been reduced to £670,600 after applying a 30% discount for resolving matters, the FCA said. It said the compensation to customers...
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