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ARTICLE · 17 SEPTEMBER 2009

FSA Publishes Interim Findings On Anti-Bribery And Corruption Systems

CMS Cameron McKenna Nabarro Olswang
Explore more from CMS Cameron McKenna Nabarro Olswang

In late 2008, FSA began a review of anti-bribery and corruption systems and controls in commercial insurance broker firms. On Friday, FSA published its interim findings explaining that there will be a short delay before publication of its final report.

United KingdomInsurance
Maxine Cupitt
Maxine Cupitt
Paul Edmondson
Paul Edmondson

In late 2008, FSA began a review of anti-bribery and corruption systems and controls in commercial insurance broker firms. On Friday, FSA published its interim findings explaining that there will be a short delay before publication of its final report.

FSA has identified some significant weaknesses in the firms it visited and asks firms to assess their own controls against FSA's findings and strengthen them where necessary.

Click here for the full text of the FSA announcement.

FSA's key findings are as follows

Due diligence and monitoring of third-party relationships and payments are generally very weak. In particular,

  • firms rely heavily on an informal market view of the integrity of third parties

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