Insurance broker fined for anti-bribery failings
The FCA has fined general insurance broker Besso Limited £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption.
Besso agreed to a settlement at an early state of the FCA investigation and therefore qualified for a 30% discount. Were it not for this discount, the financial penalty would have been £450,000.
Tracey McDermott, the FCA’s director of enforcement and financial crime, said:
"Despite receiving two visits from us, and numerous industry wide warnings, Besso failed to ensure that they had proper systems and controls in place to counter the risks of bribery and corruption in their business activities.
"Firms must play their part in preserving the integrity of the UK financial system, including taking all steps necessary to prevent financial crime. Where we find firms failing to do so, we will take action."
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