EC initiates investigation proceedings against Willis, other brokers
Broker Willis Towers Watson said on Oct. 26 that the European Commission (EC) in October 2017 initiated investigation proceedings in respect of a suspected infringement of EU competition rules involving several broking firms, including the company’s principal UK broking subsidiary and one of its parent entities.
In particular, the EC has stated that the proceedings concern the exchange of commercially sensitive information between competitors in relation to aviation and aerospace insurance and reinsurance broking products and services in the European Economic Area, as well as possible coordination between competitors. The initiation of proceedings does not mean there has been a finding of infringement, merely that the EC will investigate the case.
As the EC has initiated proceedings, the UK Financial Conduct Authority (FCA) has informed Willis that it has closed its competition act investigation. However, it retains its jurisdiction over broking regulatory matters arising from the conduct being investigated. Given the status of the investigation, the company is currently unable to assess the terms on which this investigation, or any other regulatory matter emanating from the conduct being investigated, will be resolved.
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