Last week Lord Adair Turner, chairman of the Financial Services Authority, published the regulatory response to the global banking crisis.
The Turner Review
outlined "a new way" which includes a more “intrusive and systemic” approach. “Soft-touch” regulation is out and a more heavy-handed approach is now in.
As featured in SM
, the FSA was already demonstrating a more stringent line on a lack of anti-corruption controls. In late January, consultancy Aon was hit by the largest penalty yet imposed by the FSA (£5.25 million), for failing to establish and maintain systems to mitigate the risk of employees using bribery to win business.
With research finding instances of procurement fraud on the rise, and a Bribery Bill currently making its passage through Parliament, SM
will have a special focus on fraud and what you can do to prevent it in the April 16 issue. If you've experienced problems first-hand, get in touch
and anonymously share your knowledge and thoughts with others.