FSA unites with SFO for Bribery Act clampdown

Laura Miller
clock

Financial companies can expect increased scrutiny from prosecutors and regulators as the biggest overhaul of Britain's bribery laws in more than a hundred years comes into force today.

Both the Serious Fraud Office and the Financial Services Authority will be paying closer attention to how well financial services firms prevent corruption. The SFO will be the lead prosecutor of breaches and must prove bribery to a criminal standard. But the FSA has said companies with weak controls risk civil action under its existing rules. The regulator needs only to prove bribery could have taken place because of poor measures to prevent it. "The FSA's role will be significant because, in reality, they have to achieve a lower standard of proof," Eoin O'Shea, a lawyer at Lawrenc...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read
Advice/guidance boundary review will help 'bridge advice gap'

Advice/guidance boundary review will help 'bridge advice gap'

The FCA’s latest update leads to mixed reactions from the industry

Sahar Nazir
clock 04 August 2023 • 4 min read
FCA review confirms investment pathways working 'as intended'

FCA review confirms investment pathways working 'as intended'

No changes to initiative but industry called to better support savers

Holly Roach
clock 12 July 2023 • 3 min read