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Gallagher's international growth sparks U.K. financial inquiry

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Arthur J. Gallagher, the London-based international operations of broker Arthur J. Gallagher & Co., has acknowledged it is cooperating with Britain’s Financial Conduct Authority on a report about the firm’s operations.

“We can confirm that we are in discussions with the FCA about an independent skilled person being appointed to assess the company’s control and risk framework,” a Gallagher spokesman said Tuesday.

The company added that the inquiry was not unexpected, given its growth to a large customer base from a medium-size base.

“This is an expected development for a rapidly growing organization whose FCA classification has changed from C3 to C2, and has undergone significant change in size and scale in a relatively short space of time. We welcome the opportunity to get an independent perspective to validate the work we have already carried out,” the statement said.

Earlier this year Grahame Chilton replaced David Ross as CEO of Arthur J. Gallagher International.

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