02 Nov 2017

European Commission takes over FCA aviation insurance broking investigation

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In a rare move, in October 2017 the European Commission ("EC") reportedly took over an investigation initiated by the UK's Financial Conduct Authority ("FCA") into the exchange of competitively sensitive information amongst aviation insurance brokers.

All market players should now be on notice that this is a bigger case than initially anticipated, with likely effects across several EU Member States (rather than just the UK) and potentially involving more players than previously thought. The sharing of competitively sensitive information and cartel behaviour is a serious infringement of the competition rules which can result in heavy penalties.

The industry need to closely review their practices and ensure their 'houses are in order.' If they have concerns that they may be caught up in the investigation, they should consider self-reporting to the authorities. Either way, given this significant move, it is important market players have the right compliance processes in place and ensure all their employees understand the importance of competition law compliance.

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