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Besso Limited re FCA
Mar 19, 2015 | Latest News
19th March 2014: Besso Limited today confirms that it has reached a £315,000 settlement with the Financial Conduct Authority (“FCA”) following the FCA’s decision to issue it with a final notice and fine having found that systems and procedures put in place to mitigate the potential bribery and corruption risks associated with Besso’s third party relationships were inadequate during the period between 14th January 2005 and 31st August 2011.
The FCA has not said that Besso permitted any illicit payment or inducement to any such third party. Further the FCA recognised that Besso made significant efforts to improve its systems and controls framework.
The FCA acknowledged that Besso is a medium sized broker in the wholesale insurance market whose business does not, overall, pose a high bribery and corruption risk.
Notes to editors
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Besso
Besso is owned by The Ardonagh Group, the largest independent insurance broker in the UK.
Ardonagh Specialty
Ardonagh Specialty is the holding company and growth platform for leading independent brokers Besso Insurance, Bishopsgate, Compass London Markets, Ed Broking, Inver Re, Piiq Risk Partners and Price Forbes. Combined, we have 1400 colleagues globally and manage $7 billion in gross written premium.
With a strong presence and deep relationships worldwide, and a steadfast commitment to investing in the best people, markets and technology, together our businesses offer open market programmes, reinsurance and international solutions designed to empower clients to achieve their strategic ambition.
The Ardonagh Group
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. We are collection of best-in-class entrepreneurial and specialist brands with a network of more than 100 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs. For more information, visit our website: www.ardonagh.com.