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Bluefin Insurance fined nearly $5.5 million for claiming independent broker status while owned by AXA

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The U.K. Financial Conduct Authority fined local insurance broker Bluefin Insurance Services Ltd. $5.4 million for presenting itself as an independent broker when it was owned by insurer AXA U.K. P.L.C., Reuters reported. The regulator said that Bluefin called itself "truly independent" in the advice it provided and the insurers it recommended to customers between March 2011 and Dec. 31, 2014. "Bluefin's independence was compromised by its culture which promoted business strategies, including a policy which focused on increasing the business placed with its parent company, over treating customers fairly."

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