According to research by Eversheds, a over quarter of financial services firms of all sizes do not have robust systems in place to prevent bribery that would match the standards required by the new laws. Nearly half were unaware of the criminal liability being owned by directors and businesses. CEI has been warning firms of this risk since last summer when the details were first made public.
The Bribery Bill – currently awaiting Royal Assent – could catch all sizes of financial services companies unawares.
This survey found has uncovered a real lack of awareness, understanding and preparation in the financial services sector in relation to the Bribery Bill and that many businesses aren’t set up to minimise their exposure to corrupt business practices.
The laws, expected to come into force later this year, will require all businesses to have ‘adequate procedures’ in place to prevent bribery and corruption, with clearer rules on corporate entertainment and gifts. If in doubt, concult your professional compliance consultant or call us on 07092 289901.
Clients of CEI Compliance who use their compliance manual already have a section for recording ‘Gifts and Entertainment’ and this can be adapted to suit the company concerned. For larger companies a specific policy may be required and a matrix of authority and responsibility established.
The Compliance Manual can be purchased HERE
