The Financial Conduct Authority (FCA) has fined insurance broker Besso Limited £315,000 for lapses in its anti-bribery and corruption systems, the United Kingdom regulator announced recently.
In its final notice released 19 March, the FCA said the London-based firm failed to take reasonable care in setting up and maintaining adequate systems to counter risks of anti-bribery and corruption, and “operated a weak control environment” regarding its dealings with third parties. The FCA said the infractions occurred between 14 January 2005 and 31 August 2011. The regulator also noted the fines were imposed after Besso received both general warnings and warnings specific to the firm itself.
