U.K

U.K. Regulators Scale Back Narrative Reporting

Neil Baker October 25, 2011

British regulators have slashed the volume of narrative reporting listed U.K. companies must file, a dramatic shift to alleviate reporting burdens. Gone are the business review, a report on directors' pay, and several other statements. Too many businesses are wasting time "producing large, complex reports that lie unread by investors," the government said in a statement announcing the plan.

British Anti-trust Regulator Decides Audit Market Needs Fixing

Neil Baker May 17, 2011

The Big Four accounting firms dominate the British audit market in a way that restricts, distorts or prevents competition, the country's anti-trust regulator has decided.

U.K. Reconsiders White Collar Crime Shakeup

Global Glimpses November 25, 2010

The British government is scrapping a controversial plan to put its new Economic Crime Agency in charge of securities fraud. The move was part of a proposal to abolish the Financial Services Authority and the Serious Fraud Office and transfer their workload to two new agencies. The government is still working on plans to overhaul its network of financial regulatory and enforcement agencies.

Companies Failing to Learn Risk Lessons

Global Glimpses October 04, 2010

As the financial crisis abates, companies are likely to return to the limited “compliance-based” approach to risk management that got so many of them into trouble, according to a new study by accountants Grant Thornton.The firm surveyed senior executives at 465 U.K. and Irish companies and found “disappointing” attitudes to...

U.K. Plans Corporate Super-Regulator

Global Glimpses July 30, 2010

The U.K. government is planning to create a new super-regulator to set and enforce financial reporting rules, corporate governance standards, and securities regulations for listed companies.This work is currently shared between the Financial Reporting Council and the Financial Services Authority. But the government has already announced a commitment to scrap...

U.K. Fails to Break Big Four Audit Grip

Global Glimpses June 08, 2010

Regulatory efforts to increase choice in the U.K.-listed company audit market have had little or no effect, according to a report from the Financial Reporting Council, the country’s corporate regulator.The FRC published a series of recommendations in October 2007 aimed at making the market for listed company audits more efficient...

U.K. Creates Enforcement Super-Agency, Killing SFO

Global Glimpses May 21, 2010

The U.K.’s newly elected coalition government has said it will create a new enforcement agency to tackle serious white-collar crime, stripping other regulators of their powers in this area and abolishing the troubled Serious Fraud Office.The move was unveiled in a document released this week that sets out the government’s...

U.K. Modernizes Bribery Laws, Finally

Global Glimpses April 09, 2010

The U.K. finally modernized its anti-bribery laws this week when Parliament approved long-awaited new legislation.The Bribery Bill had to be rushed through before Parliament shut down ahead of a General Election on May 6, but lawyers say there were no last-minute amendments of any note.However, some uncertainty remains about when...

British Court Blocks BAE Plea Deal

Global Glimpses March 03, 2010

Two anti-corruption groups have convinced a British court to delay final approval of a controversial plea bargain between the U.K. Serious Fraud Office and arms company BAE Systems, complicating closure of what had already been a much-criticized prosecution.The ruling, issued March 2, means that BAE cannot plead guilty to the charges...

Government Seeks New Powers for FSA

Global Glimpses November 23, 2009

Britain's Financial Services Authority will be able to take tougher action against firms and individuals that fail to comply with its rules if draft legislation proposed by the government makes in onto the statute books. The centerpiece of the new Financial Services Bill was a measure that would give the FSA...

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