Articles - Eversheds comment: Willis in record £6.9m fine from FSA

 The UK arm of Willis, the number three global insurance broker, has received the highest fine yet by the FSA, at £6.9m, for anti-bribery and corruption failings related to commissions paid overseas, just weeks after the introduction of the UK Bribery Act. Neill Blundell, partner at international law firm Eversheds, comments:

 “This is another example of the FSA seeking regulatory action in the bribery space. The new Bribery Act is clearly not going to be the first port of call when dealing with regulated businesses falling short, partly because the FSA lacks the power to criminally prosecute under it. Instead the FSA will use its regulatory powers to good effect, going after the failings in systems to prevent bribery and corruption. There is no need for the FSA to prove an actual offence.”

Back to Index

Similar News to this Story

A step change is expected for DB pension scheme funding
Mike Smedley, Pensions Partner at KPMG in the UK discusses some of the changes expected for DB pension scheme funding in 2019
What does the ideal actuarial consultant look like
We recently published our Navigating Change report, which looks at the changing role of the actuarial consultant. One issue that struck me was the w
The Ecosystem of Trust
Insurance is generally regarded as a background product, one of the necessities of life that most people have but do not regard as very exciting when

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.