Risk management/claims: FSA in warning over bribery and corruption controls
Commercial brokers risk imprisonment and unlimited fines if they do not strengthen their anti-bribery and corruption systems and controls.
A Financial Services Authority (FSA) review, which examined 17 broking firms between January 2009 and January 2010, found that brokers were not approaching higher risk business involving third parties with sufficient care and that many needed to do more to minimise the risk of becoming involved in bribery or corruption.
The FSA said brokers' due diligence on, and monitoring of, third-party relationships and payments continued to be weak and that this meant there was a significant risk of illicit
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