*/ /*–>*/ Britain’s corporate regulator has warned the European Commission not to undermine the “comply or explain” principle as it develops a new cross-Europe approach to corporate governance. The Financial Reporting Council (FRC) told the Commission that replacing principles with prescriptive rules could stifle enterprise at a time when European economies are seeking to promote […]
Neil Baker
Posted inAnti-Bribery
British Regulator Issues Record Corruption Fine
*/ /*–>*/ Britain’s Financial Services Authority has slapped a record £7m fine on one of the country’s biggest insurance brokers for failing to have good internal controls to prevent corruption. The regulator said Willis Limited had not done enough to monitor £27m of payments to third parties in Russia and Egypt who helped it win […]
Posted inRegulatory Enforcement
FSA Hitting Firms With Smaller Fines, On Average
*/ /*–>*/ */ /*–>*/ The UK Financial Services Authority has hardened its enforcement strategy over the last two years, but when a few record cases are set aside the average fine imposed by the regulator against firms has actually fallen, according to a new analysis. The total fines issued by the FSA rose to £98.6 […]
Posted inBoards & Shareholders
UK Shareholders Have Ridiculous Priorities, says Proxy Agency
*/ /*–>*/ UK company shareholders are applying a “ridiculous” set of priorities when voting on board proposals, according to an analysis by proxy agency PIRC. The agency found the second biggest cause of investor dissent in the first half of this year – beaten only by executive pay – were resolutions seeking authority to call […]
Posted inAnti-Bribery
Courts Reject Claim that Bribery Raids Were Unlawful
*/ /*–>*/ The UK Serious Fraud Office can restart its bribery investigation into Alstom after the courts refused a legal challenge from two of the engineering company’s directors. Stephen Burgin, Alstom’s UK president, and Robert Purcell, its finance director, were trying to challenge the way the SFO had conducted dawn raids on their homes last […]
Posted inAccounting & Auditing
Britain’s Corporate Watchdog Rethinks Confusing Role
*/ /*–>*/ Britain’s corporate regulator is planning a major overhaul of the way it works, after conceding that its activities are often “impenetrable” to outsiders. The Financial Reporting Council (FRC) said it would “streamline” its operating structure and reconsider what issues it wants to get involved in. The FRC has a range of responsibilities, including […]
Posted inAnti-Bribery
Fraud Chief Warns Foreign Companies as Bribery Act Goes Live
*/ /*–>*/ Britain’s tough new anti-bribery legislation finally took effect today, and was greeted with a warning from the head of the Serious Fraud Office that foreign companies would be in his firing line. Recent government guidance said foreign companies would not be subject to the Bribery Act’s tough new penalties simply because they had […]
Posted inAccounting & Auditing
British Government Blasts Audit Profession for Lack of Reform
*/ /*–>*/ The chairman of a British parliamentary inquiry that called for reform of the audit market has slammed the government’s formal response to its findings as “not good enough.” The influential House of Lords Economic Affairs Committee published a report last month that criticized the audit profession and accused firms and regulators of “complacency” […]
Posted inFrom the Archive
KPMG Warns On Pension Rule Changes
*/ /*–>*/ The new international standard on pension accounting finalized last week includes subtle changes that could have ramifications beyond financial accounting, KPMG have warned. The firm said the headline measures in the new version of IAS 19 – Employee Benefits – were set out in an exposure draft released last year. But it flagged […]
Posted inFrom the Archive
London Improves Insider Dealing Record
*/ /*–>*/ The UK’s determination to get tougher on insider dealing could be paying off, with a key indicator of illegal share trading falling for the first time in years. The level of suspicious share price movements ahead of takeover announcements last year was the lowest since 2003, according to figures released by market regulator […]