A new study has found that almost two-thirds of senior executives have experienced some form of business corruption.
Big 4 firm PricewaterhouseCoopers (PwC), commissioned by the Economist Intelligence Unit, undertook its Confronting Corruption report and found that 63 per cent of global senior executives had seen "actual or attempted" corruption.
The survey, which questioned 390 executives, also found that 39 per cent of companies had lost bids due to corrupt officials.
Some 41 per cent of respondents also claimed that their competitors paid bribes.
Andrew Gordon, partner in forensic services for PwC, said that the findings lead a "compelling business case" for a new formal anti-corruption programme.
"The rapid growth of corruption and bribery as a form of fraud in the UK underlines the increasingly globalised business world in which we operate."
The Financial Services Authority recently fined five motor retailers over £175,000 for breaches relating to the sale of unsuitable payment protection insurance to over 2,000 customers.
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