FCA warns brokers on financial crime risk
Regulator carried out review which shows bribery and corruption risk not managed effectively.
A Financial Conduct Authority (FCA) review has found that most commercial insurance intermediaries' controls failed to manage bribery and corruption risk effectively.
The FCA said that some intermediaries' policies on remuneration, hospitality and training had improved since the last reviewed was carried out.
But the watchdog added that bribery and corruption risk assessments were often too narrow and that many firms failed to take a rounded view of the risks associated with individual
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