Broker firm fined £1.8m for failing to manage bribery and corruption risks
The Financial Conduct Authority (FCA) has fined JLT Speciality, a firm that provides insurance broking, risk management and claims consulting services to a wide range of national and international corporate clients, £1,876,000 for failing to manage bribery and corruption risks created by overseas payments, in breach of Principle 3 of the FCA’s Principles for Businesses (PRIN).
The FCA found that, between February 2009 and May 2012, JLT failed to have in place adequate risk management systems and controls for countering the risks of bribery and corruption associated with making payments to overseas third parties (known as overseas introducers) who helped JLT to win and retain business from overseas clients…
If you are registered and logged in to the site, click on the link below to read the rest of the Withers briefing. If not, please register or sign in with your details below.
News from Withers
News from The Lawyer
Briefings from Withers
22 April 2014 marked ‘the largest reform of the family justice system any of us have seen or will see in our professional lifetimes’, according to the president of the Family Division.
Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.
Analysis from The Lawyer
A merged Withers and Speechly Bircham would have scaled The Lawyer’s UK 200 with a turnover of about £170m, and created one of the world’s largest specialist private client teams. So what went wrong?