Encouraging whistle-blowing

The increased regulatory focus on bribery and corruption by the Financial Services Authority (FSA) and the Serious Fraud Office (SFO) present a double whammy for the insurance sector. First, the scrutiny of anti-bribery and corruption systems and controls in the commercial insurance intermediary sector by the FSA’s financial crime team and second, potentially costly internal investigations for UK businesses driven by the new Bribery Bill and guidance from the SFO on self-reporting of acts of bribery and corruption. The FSA’s regulatory focus Tucked away in the pages of the September...