FSA criticises brokers' anti-bribery and corruption standards
The Financial Services Authority (FSA) has published the findings of its recent review of anti-bribery and corruption systems and controls in commercial insurance broker firms.
The review looked at 17 broker firms between January 2009 and January 2010 to gather information on current anti-bribery and corruption standards.
The findings showed that broker firms were not approaching higher risk business involving third parties with sufficient care and the regulator said many needed to do more to ensure they minimised the risk of becoming involved in bribery or corruption.
The FSA said broker firms' due diligence on, and monitoring of, third party relationships and
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