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LATEST NEWS & EVENTS Company hit with £7m FSA fine for bribery and corruption failures  Businesses may need to employ corporate legal services to reassess their anti-bribery protocols in light of the Financial Services Authority's (FSA) decision to hit a firm with a £6.895 million fine for anti-corruption failings. Failings in the anti-bribery and corruption systems of Willis Limited were such that payments made by the firm to overseas third parties could be used for corrupt purposes, the FSA said. It is the largest fine of its kind imposed by the regulator and comes shortly after the introduction of the Bribery Act in the UK. Willis Limited failed to ensure that it established and recorded an adequate commercial rationale to support its payments to overseas third parties, the FSA ruled. The regulator also said the company did not ensure adequate due diligence was carried out on overseas third parties to evaluate risks, and that it did not review its relationships with them on a regular basis. Tracey McDermott, acting director of enforcement and financial crime at the FSA, suggested the ruling has implications for companies using banking and financial solicitor services. She said the action taken by the FSA shows 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". Posted by Paul Stevens 
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