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.”