Besso Limited re FCA
19th March 2014: Besso Limited today confirms that it has reached a £315,000 settlement with the Financial Conduct Authority (“FCA”) following the FCA’s decision to issue it with a final notice and fine having found that systems and procedures put in place to mitigate the potential bribery and corruption risks associated with Besso’s third party relationships were inadequate during the period between 14th January 2005 and 31st August 2011.
The FCA has not said that Besso permitted any illicit payment or inducement to any such third party. Further the FCA recognised that Besso made significant efforts to improve its systems and controls framework.
The FCA acknowledged that Besso is a medium sized broker in the wholesale insurance market whose business does not, overall, pose a high bribery and corruption risk.
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