FCA fines ex-Axa owned insurance broker £4m

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...