20 March 2014 Insurance

Besso reaches settlement with FCA

Insurance broker Besso has been ordered to pay a £315,000 fine to the Financial Conduct Authority (FCA) after the Authority found the broker’s bribery risk procedures to be inadequate.

Besso has been issued with a final warning and fine, after the FCA found the systems and procedures put in place to mitigate the potential bribery and corruption risks associated with Besso’s third party relationships inadequate during the period between January 14, 2005 and August 31, 2011.

However, the FCA did recognise that Besso had made significant efforts to improve its systems and controls framework, despite being a medium sized wholesale insurance market whose business does not, overall, pose a high bribery and corruption risk.

The FCA did not say that Besso had permitted any illicit payment or inducement to any such third party.

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