FSA hits Willis Ltd with £7m fine

This is the biggest fine the FSA has ever imposed in relation to financial crime systems and controls. The regulator said Willis' failings created "unacceptable risk" payments made to overseas third parties could be used for corrupt purposes. Willis is a global insurance broker and risk management consultant headquartered in London, with 400 offices in 120 countries and 17,000 employees. Between January 2005 and December 2009, Willis made payments totaling £27m to overseas third parties who assisted it in winning and retaining business from overseas clients, particularly in high ri...