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FSA fines Aon

IBR Staff Writer Published 13 January 2009

For failings in anti-bribery and corruption systems and controls

The UK's Financial Services Authority (FSA) has fined Aon Limited GBP5.25 million for failing to take reasonable care to establish and maintain effective systems and controls to counter the risks of bribery and corruption associated with making payments to overseas firms and individuals.

 

The Financial Services Authority said that between January 14, 2005 and September 30, 2007, Aon failed to properly assess the risks involved in its dealings with overseas firms and individuals who helped it win business and failed to implement effective controls to mitigate those risks.

 

As a result of Aon weak control environment, the firm made various suspicious payments, amounting to approximately $7 million, to a number of overseas firms and individuals.

 

Margaret Cole, director of enforcement at the FSA, said: The FSA has an important role to play in the steps being taken by the UK to combat overseas bribery and corruption. We have worked closely with other law enforcement agencies in this case and will continue to take robust action focused on firms' systems and controls in this area.

 

Aon Corporation is a global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its professionals worldwide, Aon delivers risk management and workforce productivity services.