The Financial Services Authority and the Bribery Act

Nic Ryder and Axel Palmer, Commercial Law Unit, UWE Bristol.

Introduction

Bribery and corruption have received a considerable amount of attention since the introduction and implementation of the Bribery Act 2010 and the extension of the remit of the Serious Fraud Office (SFO). Bribery has been referred to as an illegal gratuity, extortion, conflict of interest, kickback, corporate espionage and a commission or fee. According to the Organisation for Economic Cooperation and Development, bribery is defined as ‘the offering, promising or giving [of] something in order to influence a public official in the execution of his/her official duties’ ¹. Perhaps one of the simplest definitions, however, is offered by the SFO who argues that bribery is the ‘giving or receiving [of] something of value to influence a transaction’ ². A bribe can include: