New rules protecting workers from dangerous chemicals are set to pass into law in October following EU Council and Parliament agreement, establishing new exposure limits across the battery, steel, chemical, and textile industries and updating protective equipment standards.
Ruth Prickett
Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine for the Chartered Institute of Management Accountants, for many years before relaunching and editing Audit & Risk magazine for the Chartered IIA. She has written for a wide range of specialist business titles and drafted white papers and reports for clients including HSBC and Vodafone.
Posted inRegulatory Enforcement
Sabre Corp subsidiary fined $1.3 million for U.K. sanctions circumvention
The U.K.’s sanctions office has imposed its largest penalty for circumventing Russian sanctions since the war in Ukraine began in 2022.
Posted inRegulatory Enforcement
U.K. regulator forces third FS firm to pay $42M for financial crime failures related to wealth management company collapse
The U.K. banking regulator has censured asset servicing bank CACEIS UK for failing to operate adequate financial crime controls. The bank agreed to pay $41.9 million in compensation to clients.
Posted inESG/Social Responsibility
EU extends proposals to apply carbon border pricing to downstream products
EU member states have agreed to extend measures to price the carbon emissions of goods imported into the Eurozone to include a wide range of end-products made from steel, aluminum and iron. The current CBAM came into force on Jan. 1 this year and currently applies mainly to high-emission raw materials.
Posted inESG/Social Responsibility
EU Council targets greenwashing with new categories of sustainable investment
The Council of the EU has recommended updates to the Sustainable Finance Disclosure Regulation to combat greenwashing and make it easier for investors to compare products.
Posted inCryptocurrency and Digital Assets
Bank of England changes stance on stablecoins after cumbersome compliance complaints
The Bank of England has revealed that it is reconsidering two of the more contentious aspects of its proposed stablecoin framework after pressure from many in the crypto asset sector. Crypto companies have complained that the proposed regulations would be too restrictive and would hold back the industry in the U.K. in comparison with other global financial markets.
Posted inRegulatory Enforcement
Australian regulator calls $24.6 million HSBC Australia fine a world first for customer fraud protection
HSBC Australia has been fined nearly $25 million for failing to protect customers from financial scammers. The bank must also publish adverse publicity orders on its website, its app, and in letters to affected customers.
Posted inTransportation
EU air passengers to gain new rights to compensation, transparent pricing and clear, timely communications
Airline companies operating in the EU must take on board new rules covering a wide range of issues, from how to handle passenger compensation claims to notification of hand baggage allowances, rights to additional support, and transparent, timely communications.
Posted inEurope
EU revised sustainability reporting standards require compliance ‘gear change’ but increase flexibility
The European Commission is calling for public feedback on the final draft of its revised sustainability reporting standards. Compliance teams should note that the draft retains most of the double materiality requirements that some hoped they would drop, but clarifications over how to approach materiality assessments may reduce compliance time and costs. Once the consultation […]
Posted inFinancial Services
U.K. seeks to unlock $108B investment by relaxing banking ring-fencing rules
The U.K. government has committed to relaxing its stringent ring-fencing requirements for banks in forthcoming financial legislation.
