Majority of firms ill-equipped to cope with new Bribery Act
Nearly two thirds of insurance firms are still not prepared for new anti-bribery legislation set to be enforced in April this year.
If found guilty of contravening legislation under the Bribery Act 2010, companies could be hit with unlimited fines and individuals face up to 10 years in jail. Despite these risks, a survey by law firm Moore Stephens found that 62% of firms in the insurance sector were still not prepared for the changes.
At a City briefing to the industry, Jonathan Steward, regulatory consultant at Moore Stephens, warned that in spite of what had been reported in the media, the Act would go ahead in its current
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