Summary
Marsh & McLennan Companies (MRSH) disclosed in an 8-K filing on April 21, 2017, that its subsidiary, Marsh Limited, is subject to a civil competition investigation by the UK's Financial Conduct Authority (FCA) concerning the aviation insurance and reinsurance sector. The FCA conducted an on-site inspection at Marsh Limited's London office, suspecting the sharing of competitively sensitive information within the sector. Marsh Limited is cooperating fully with the FCA's investigation and is undertaking its own internal review with external legal counsel.
Key Highlights
- 1Marsh Limited is under investigation by the UK's Financial Conduct Authority (FCA).
- 2The investigation concerns suspected anti-competitive practices in the aviation insurance and reinsurance sector.
- 3The FCA conducted an on-site inspection at Marsh Limited's London office.
- 4The core suspicion involves the alleged sharing of competitively sensitive information.
- 5Marsh Limited is cooperating fully with the FCA's investigation.
- 6The company is also conducting its own internal review with the assistance of outside counsel.
Frequently Asked Questions
The FCA is investigating Marsh Limited for suspected anti-competitive practices related to the sharing of competitively sensitive information within the aviation insurance and reinsurance sector.
The FCA conducted an on-site inspection at Marsh Limited's office in London as part of its investigation.
Marsh Limited is cooperating fully with the FCA's ongoing investigation and has initiated its own internal review with the help of outside legal counsel.
While the filing does not specify potential penalties, investigations of this nature can lead to fines, regulatory sanctions, and reputational damage. The full impact will depend on the outcome of the FCA's investigation and Marsh's internal review.