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Legal Briefing
"Just not good enough" - FSA slams banks' response to the Bribery Act
Practice Area: Financial Crime and Fraud
Sector: Commercial and Retail Banking
Jurisdiction: England & Wales
Published: 10 April 2012
Law Firm: Macfarlanes LLP
Overview
The UK Financial Service Authority recently published the results of its review into anti-bribery and corruption systems and controls implemented by investment banks since the Bribery Act 2010 came into force in July 2011. The FSA was disappointed to find a serious lack of effective anti-bribery controls within the financial sector.
Macfarlanes' fraud and financial crime team outline the key findings of the FSA's review and why it represents a stark reminder for firms to fully assess their risk control systems.
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