Avoid potential FCA fines: ensure proper anti-bribery and corruption systems and controls are in place
The Financial Conduct Authority (FCA) has recently fined Besso, a general insurance broker, £315,000 (reduced from £450,000 for early settlement) for failing to have proper systems and controls in place to counter the ‘unacceptable risk’ that commissions it shared with third parties could be used for corrupt purposes. The FCA has made it clear that ensuring brokers improve their systems and controls in this area is a priority and the Besso case appears to be the opening shot from the FCA in a likely sustained campaign.
The Besso case serves as a stark reminder that the FCA continues to prioritise anti-bribery and corruption compliance enforcement in the insurance sector and that there will almost certainly be more investigations in this area…
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