FCA warns brokers over financial crime risk management

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The Financial Conduct Authority’s (FCA) review of financial crime risk management in small firms, has found that most commercial insurance brokers fail to manage bribery and corruption risks effectively.

The regulator reviewed ten commercial insurance intermediaries. It reported that despite there being some improvement over the last couple of years on policies around remuneration, hospitality and training, more needed to be done on bribery and corruption risk assessments (see box).

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