FCA fines ex-Axa owned insurance broker £4m

'Independence was compromised'

Hannah Godfrey
clock • 1 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 COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

PFS membership falls amid pre-tax loss in 2024

PFS membership falls amid pre-tax loss in 2024

Membership numbers down to 38,703

Jenna Brown
clock 18 September 2025 • 3 min read
FCA publishes protection market overview

FCA publishes protection market overview

Prelude to market study findings

Cameron Roberts
clock 17 September 2025 • 2 min read
UK unemployment rate continues to stall in August

UK unemployment rate continues to stall in August

Economic inactivity at 21.1% in May to July 2025

Michael Nelson
clock 16 September 2025 • 3 min read