Lawyers issue warnings after Willis’ record £6.9m fine
Following Willis’ record £6.9m anti-bribery fine from the Financial Services Authority (FSA), the legal profession has warned insurance brokers on the need to have and implement relevant policies and procedures.
According to Sam Eastwood, head of the business ethics and anti-corruption group at Norton Rose, the FSA clearly remained interested in corruption in the insurance sector.
He added: "This fine, following the fine imposed on Aon Limited in 2009, is very much a sign of things to come and firms should be prepared. Even if the SFO itself does not prosecute any insurers or brokers under the Bribery Act, this fine shows that the FSA will be expecting insurers and brokers to put in place adequate
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