Aon fine sparks review

Regulator gets tough over suspicious payments; new law will introduce criminal charges for firms that fail to address bribery risks

Regulated firms are being warned to tighten up their anti-bribery measures in the wake of the £5.25m fine levied on Aon for “inappropriate payments” and the threat of new legislation later this year. Writing in this issue of Insurance Regulation & Accounting, James Bagge of Norton Rose says the Aon case serves as a warning to other firms to ensure internal systems and controls are capable of preventing and detecting suspicious payments to third parties, in Aon’s case payments to overseas third parties to secure new business.