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Earlier this month, the Financial Conduct Authority (FCA) fined 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.
The FCA found that Besso, a general insurance broker, operated a weak control environment surrounding the sharing of commissions with third parties, which gave rise to an unacceptable risk that they could be used for corrupt purposes.
Besso’s rule breaches occurred between 14th January 2005 and 31st August 2011. In particular Besso:
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.
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