Corruption within the insurance distribution chain remains an area of interest for the regulator

The UK’s Financial Services Authority (FSA) handed down a record-breaking £312m ($501.4m) in fines last year (to December 19), smashing its previous record of £89m in 2010 by 251%.

TUCKED firmly away in the Financial Services Authority’s September edition of the Financial Crime Newsletter are the financial crime team’s interim findings on anti-bribery and corruption in commercial insurance brokers, writes Richard Burger .

IN THE wake of international criticism of the UK’s failure to bring its anti-bribery and corruption laws into line with its obligations under the Organisation for Economic Co-operation and Development’s Anti-Bribery Convention, it is not surprising the UK has stepped up its efforts to combat bribery and corruption.