Anti-bribery standards 'vary'

31/January/2012

Many asset managers have yet to conform to common anti-bribery standards, according to Ernst & Young.

Research by the firm found discrepancies in the reporting thresholds on gifts and entertainment for fund managers ranging from £25 up to £500, according to a Financial News report.

The UK Bribery Act came into force in July last year.

E&Y's poll of more than 50 compliance heads at asset management firms in the UK and Europe found while the majority – 85 per cent – review expense claims and kept records on donations, entertainment and gifts, some had not laid down formal thresholds for managers giving or receiving gifts.

Some did not have reporting procedures in place, the firm said.

Anthony Kirby, Ernst & Young's head of regulatory reform,  was quoted as saying: "It cannot have been the intention of the anti-bribery regulations that while one firm imposes thresholds of £25 for gifts and entertainment, others have upper limits of £500 or have not imposed thresholds at all."

See our dedicated resource website, www.thebriberyact2010.com, for comprehensive guidance on the legislation.