Baker-Jayne
Contact Baker-Jayne 0844 858 4030

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The Bribery Act 2010

01/08/2011

The Bribery Act 2010

01/08/2011

The Bribery Act 2010 came into effect on the 1 July 2011 – it has come into effect following pressure on the UK Government from OECD countries (notably the USA). 

As with many laws passed in the UK it goes further than similar legislation in other countries and in totally prohibiting facilitation payments it goes further than US law.
 

There are two areas – how it affects us; and how you may be affected.
 

As a regulated firm and an Insurance Broker we are already governed by rules and professional standards which have addressed corrupt practices well before the Bribery Act came into force. As such we have a strong ethical stance against bribery and corruption and work on a transparent and fair basis.
 

You will need to consider how the Bribery Act impacts on your business activities – remembering that any corrupt practices carried on inside or outside the UK by you or a representative could have serious consequences. A prosecution under the Bribery Act has already been announced and we see this as a warning from the authorities that strong measures will be taken.
 

We would urge you to seek professional legal advice as to how this legislation affects your business and if you wish to discuss the implications of Directors’ & Officers’ cover and/or limits of indemnity please speak to your usual Baker Jayne contact or Adam Baker at Baker Jayne on 0844 858 4030.