Bluefin Fine

[TwigtheWonderkid]

So Bluefin insurance brokers have been fined £4m by the FCA, for serious systematic failings over a conflict of interests. They were owned for about 4 years by Axa, and failed to communicate that to their clients, and sold Axa policies above all others regardless of what was best for the client. The FCA found one corporate client was sold an Axa policy at £45K more than a similar alternative that was available.

But what happens tot he £4m? Is any of it returned to Bluefin clients as compensation for the appalling way Bluefin treated them? Or does it just go to pay the rent and salaries and Xmas party for the FCA? Who monitors the FCA to ensure money is being used prudently? What id all the banks and financial service providers behave impeccably? How does the FCA survive without any income?

[smckeown]

The FCA is funded by the firms it regulates, by way of charging them fees

[TwigtheWonderkid]

So what happens to the £4m?

[Stormfly1985]

TwigtheWonderkid said:

So what happens to the £4m?

Most of it goes to the Treasury.

[55palfers]

Is there no culpability by AXA?

No one monitoring increase in sales from a newly acquired subsidiary?

[sidicks]

Surely the FCA fine is entirely separate from any compensation due to customers.