Anti-bribery and corruption (ABC)

This overview is a guide to the Financial Services/Financial Crime subtopic Anti-bribery and corruption (ABC) and includes links to appropriate materials. A comprehensive collection of news and developments relating to ABC for financial services can be found in the news tab of this sub-topic.

FCA systems and controls to prevent bribery

The Financial Conduct Authority (FCA) does not enforce the Bribery Act 2010 (BA 2010); nor does it provide guidance on compliance with the BA 2010. Its role is to assist firms in complying with the anti-bribery law as part of its financial crime statutory objective, which requires it to pursue the objective of reducing the extent to which it is possible for a regulated business to be used for a purpose connected with financial crime.

The FCA is keen to ensure firms have appropriate systems and controls in place to prevent financial crime under the Senior Management Arrangements, Systems and Controls sourcebook (SYSC)—see SYSC 3.2.6 and SYSC 6.1.1 R. The FCA's definition of financial crime includes corruption, so goes further than the BA 2010.

The FCA may decide

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Latest Financial Services News

FCA secures confiscation orders in binary options investment fraud case

The Financial Conduct Authority (FCA) has secured a confiscation order against Reuben Akpojaro for his role in investment fraud, bringing the total value of confiscation orders against all defendants in the case to £293,726.16—the full extent of their remaining assets. Between June 2016 and January 2020, the FCA says Mr Akpojaro cold called individuals to sell them binary options without authorisation. Mr Akpojaro and three further defendants were convicted in 2023 and sentenced to a combined 24 and a half years’ imprisonment. The FCA confirmed that the money will be returned to investors at the earliest opportunity.

FCA publishes Decision Notices against Neil Woodford and Woodford Investment Management over liquidity management failures in WEIF

The Financial Conduct Authority (FCA) has issued Decision Notices against Neil Woodford and Woodford Investment Management Limited (WIM) for failures in managing the Woodford Equity Income Fund (WEIF). Both Notices have been referred to the Upper Tribunal. The FCA has decided to impose a £5.89m penalty on Mr Woodford and prohibit him from managing retail investment funds or holding senior roles in authorised firms. This follows the FCA’s findings that he breached Statements of Principle 2 and 6 by failing to perform his controlled functions with due skill, care, and diligence. The FCA has decided to find WIM £40m for breaching Principle 2 (due skill, care and diligence) of the FCA’s Principles for Businesses.

Top court hands banks partial win over motor finance fees

Law360, London: Car finance providers won a partial victory in a landmark case over commission payments on 1 August 2025 when the UK Supreme Court ruled that they did not owe a duty to provide customers with information about the fees, potentially avoiding a multibillion-pound compensation scheme.

FCA rule change may put firms at risk of fraud prosecution

Law360, London: The Financial Conduct Authority's (FCA) proposed partial relaxation of the approval process under its senior managers regime as the UK pushes for deregulation could increase exposure among companies to fraud prosecution under another regulatory snag—the offence of failure to prevent fraud, which goes live in September 2025.

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