FSA fines company £6.895 million

The Financial Services Authority (FSA) has fined Willis Limited £6.895 million for failings in its anti-bribery and corruption systems and controls. These failings created an unacceptable risk that payments made by Willis Limited to overseas third parties could be used for corrupt purposes. This is the biggest fine imposed by the FSA in relation to financial crime systems and controls to date.

Tracey McDermott, acting director of enforcement and financial crime at the FSA said “The action we have taken against Willis Limited shows that we believe that it is vital for firms not only to put in place appropriate anti-bribery and corruption systems and controls, but also to ensure that those systems and controls are adequately implemented and monitored.”

Full details of this case and the circumstances that led to the fine can be found here.

Should you or your company require any guidance on anti bribery strategy, please contact any of the team at BGP.