Updated: Gallagher at risk of FCA penalty from s166 review
Arthur J Gallagher says it cannot rule out the possibility of being fined or penalised by the Financial Conduct Authority after a quarterly statement from the company revealed the regulator had called for a skilled person's review of parts of the broker's UK operation.
In a document filed to US agency the Securities and Exchange Commission on 28 April, Gallagher said the FCA planned to review certain aspects of its UK operation's governance and control framework.
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