Aon pays for regulatory breach

James Bagge, legal consultant for Norton Rose, looks at what went wrong at Aon and explains how other firms can learn from its mistakes

The FSA has fined Aon Limited £5.25m (discounted from £7.5m for early settlement) for failing to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems in breach of Principle 3 of the FSA’s Principles for Business.