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

TPR Year 2 Update on Corporate Plan 2024 to 2027
The Pensions Regulator (TPR) publishes latest Corporate Plan and Annual Report and Accounts. Driving up trusteeship standards, delivering value for sa
Will the State Pension ever be means tested
The United Kingdom’s state pension system is under mounting pressure, with demographic trends and fiscal realities threatening its sustainability. A
Customer data linking in the fight against fraud
The Insurance Fraud Bureau (IFB) recently reported it had seen a 50% rise in ghost broking in the past two years . While this is just one type of insu

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

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