Establishing financial controls

23 March 2009
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.
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