The Serious Fraud Office (SFO) has initiated criminal proceedings against a London-based insurance broker linked to international reinsurance activity, marking another step in a series of enforcement actions targeting financial sector misconduct.
United Insurance Brokers Ltd (UIB), a broker active within the Lloyd’s of London insurance market, has been charged by the Serious Fraud Office (SFO) for allegedly failing to prevent bribery connected to business conducted in Ecuador between 2013 and 2016.
According to Bloomberg’s report, the SFO alleges that UIB facilitated reinsurance for Ecuadorian state insurers covering key sectors such as electricity and water. During this period, intermediaries paid by UIB are accused of offering bribes to an Ecuadorian official in return for securing contracts.
A court hearing is scheduled for May 7 in London. The broker has been charged under the UK Bribery Act, specifically relating to its failure to prevent corrupt practices by associated persons.
Commenting on the case, SFO director Nick Ephgrave said UK firms must take steps to prevent bribery in overseas transactions.
“British companies have a duty to prevent the harm caused by bribery when doing business at home and abroad,” he said. “The SFO remains committed to stamping out international bribery wherever it may occur.”
The investigation into UIB is part of a broader inquiry launched in 2021, during which several insurance entities operating from London were reportedly examined for similar conduct. The UIB case represents the ninth prosecution publicly confirmed under Ephgrave’s leadership since he assumed the role in 2023.
A spokesperson for UIBL said: "The charge brought by the SFO concerns historical allegations during the period 2013 - 2016. No individual employees or officers of UIBL, past or present, have been charged. The charge against the company arises out of the alleged conduct of third parties, in Ecuador and/or the US, pursuant to the UK’s "failure to prevent" offence. UIBL will carefully consider the SFO's decision and comment further in due course."
In a separate enforcement action, the Financial Conduct Authority (FCA) has charged Lisa Campbell, the former director of an authorised financial advice firm, with multiple criminal offences, including fraud and misleading regulatory disclosures.
Campbell, who led Campbell & Associates Independent Financial Advice Ltd, is accused of misappropriating more than £2.3 million in client funds over a 10-year period.
The FCA alleges that she provided falsified documents to clients and to the regulator to conceal the absence of legitimate investments.
Although the firm was licensed to offer advice on financial products, it was not authorised to hold or control client assets. According to the FCA, affected individuals included close contacts and a vulnerable child.
The charges come as the SFO unveils its 2025-26 Business Plan, which outlines its agenda to strengthen enforcement mechanisms and modernise operations.
Key priorities include implementing a new corporate offence under the Economic Crime and Corporate Transparency Act: the “failure to prevent fraud” provision, which takes effect in September 2025.
The plan also introduces refreshed guidance for businesses engaging with the SFO during investigations, along with progress on a whistleblower incentivisation initiative. The SFO intends to enhance use of Technology Assisted Review (TAR) systems – reportedly capable of improving document processing speed by 40% – to streamline evidence handling.
In addition, the agency is expanding international cooperation through a new taskforce focused on cross-border bribery, involving collaboration with French and Swiss authorities. The SFO stated that these changes have already led to shorter case timelines, with one recent prosecution reaching the charging stage within 15 months of the investigation’s launch.
