Legal: Bribery Bill enhances Serious Fraud Office toolkit
Where the Financial Services Authority has led, the Serious Fraud Office could well follow in punishing those companies and employees caught committing bribery, writes Mathew Rutter, financial services partner, Beachcroft.
Regulatory concerns about bribery and corruption within insurance brokers attracted widespread headlines in January 2009 when Aon was fined £5.25m by the Financial Services Authority. While the FSA had previously expressed its concerns in a Dear CEO letter in November 2007, the Aon fine galvanised many into action.
The FSA is well aware of the deterrence effect of its fines and penalties and it plans to increase fines still further; this is part of a bigger picture of a more hostile regulatory
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