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; nor does it provide guidance on compliance with the Act. 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 BA 2010.

The FCA may decide to take action against a firm for

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Latest Financial Services News

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA updates whistleblowing data for Q3 2024

The Financial Conduct Authority (FCA) has published whistleblowing quarterly data for Q3 2024 and revealed that it has received 322 new whistleblowing reports between July and September 2024, which is an increase from the reports received in the same quarter of 2023, and 253 reports in Q2 2024.

FCA publishes guidance for firms that enables a risk-based approach to payments

The Financial Conduct Authority (FCA) has published final guidance explaining how it expects Payment Service Providers (PSPs) to apply changes introduced by the Payment Services (Amendment) Regulations 2024 which came into force in October 2024. The FCA has also updated its Approach Document which sets out the final guidance.

Financial Services—other developments (22/11/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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