Professionals failing to report fraud

Of 500 senior professionals questioned last month, 30% in the U.K. and 22% in the U.S. say they’ve witnessed or had first-hand knowledge of wrongdoing at their company, says a report by U.S. firm Labaton Sucharow LLP.

But, many neglect to or are afraid to report it.

Also, almost half (40%) of respondents suspect their competitors may break the law to get ahead.

The study focused on corporate ethics, the regulatory landscape and people’s possible unwillingness to report illegal behavior.

The report’s release coincides with U.S. and U.K. probes into the LIBOR scandal, and follows Barclays’ $400 million plus fine for their involvement.

Read: Diamond forfeits $20 million in bonuses

Read more about the study.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.