The Financial Services Authority’s (FSA) zeal to stamp out bribery, highlighted by the recent record fine it handed out to Willis, could leave brokers operating internationally at a commercial disadvantage.
The record £6.9m fine was dished out to Willis for failing to ensure it had systems and controls in place to support and evaluate its payments to overseas third parties.
Legal experts have been quick to point out that the FSA has been cracking the whip over brokers for some time and it is now
- CMA to investigate aggregator over “strong concerns” on insurer relationships
- Swinton targets becoming largest digital broker in the UK
- Former Aviva CEO Patrick Snowball joins Sabre board
- PIB buys specialist charity MGA aQmen Holdings
- NIG adds Farm Combined to FarmWeb e-trade platform
- Optimism among brokers falls slightly
- Innovation brings its own rewards