“No improvement” in insurance intermediaries’ ABC risk controls

Most small wholesale insurance intermediaries still do not adequately manage their risk of bribery and corruption, the Financial Conduct Authority has said in a new review. The review – TR14/17 – assessed how the sector had responded to issues that were flagged in a 2010 report. Yet while more than half of intermediaries in the sample had taken steps to assess and manage bribery and corruption risk, for most there was further work to be done. At some firms there were “serious weaknesses” and “a significant risk that intermediaries might make illicit payments or inducements to, or on behalf of, third parties to win business.”