JLT slammed USD2.9 million over shabby insurance deals in African markets

A division of insurance giant Jardine Lloyd Thompson has been fined USD2.9 million by the Financial Conduct Authority for having an "unacceptable" approach to bribery in overseas markets.

JLT Specialty, the company's specialist insurance broking arm, accepted that systems it put in place to deal with potential bribery and corruption were inadequate during a three-year period up to May 2012, according to a media report.

The Financial Conduct Authority (FCA), imposing the fine, said that the company failed to carry out proper checks before beginning new working relationships with introducers overseas.

As a result, the watchdog said that JLT Specialty could not take steps to ensure that payments to overseas introducers were not bribes.

The regulator also said that the company failed to implement its own anti-bribery and corruption policies.