UK regulator investigates suspected misconduct in aviation broking industry
The UK’s Financial Conduct Authority (FCA) is investigating potential misconduct within the aviation broking industry in the UK.
Brokers Aon, Willis Towers Watson and Marsh have all confirmed to be involved in the investigations.
In Marsh's statement, the broker highlighted that the FCA recently conducted an on-site inspection at Marsh's office in London.
The FCA had indicated that it had reasonable grounds for suspecting Marsh and others had been sharing competitively sensitive information within the aviation re/insurance sector.
In a statement provided to Intelligent Insurer, Willis confirmed that the FCA were investigating certain business practices within the industry.
Aon is working diligently with the FCA in order to ensure it can carry out its work as efficiently as possible, the company said in a statement. “We cannot comment on the details of this investigation as it is ongoing, other than to say Aon takes compliance and regulatory issues extremely seriously and has a strong and respectful relationship with the regulator,” it said.
For Aon, the aviation business represented less than $100 million in global revenue in 2016, according to the company.
Willis Towers Watson also said that it is cooperating fully with the FCA in relation to its investigation.
Furthermore, Marsh has also stated that it is cooperating fully with the FCA's ongoing investigation and is conducting its own review with the assistance of outside counsel.
Media reports said that Jardine Lloyd Thompson (JLT) is also involved in the investigation.
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