Suppliers to the U.K. critical infrastructure will face new regulations to ensure they are protected from cyberattacks. The Cyber Security and Resilience Bill, introduced on November 12, also raises penalties for breaches and expands regulator powers to label certain suppliers as critical.
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 inEthics & Culture
Rapid regulatory change requires investment in compliance processes in financial services firms
Geopolitical instability and a general focus on increasing growth and productivity by governments worldwide are causing a slew of regulatory changes in the financial services sector. But most firms are failing to identify potential compliance changes early enough to make meaningful decisions.
Posted inRisk Management
French court orders TotalEnergies to remove deceptive climate transition claims
Regulators in Europe are focused on punishing energy firms that make deceptive claims on net zero targets, as TotalEnergies recently discovered.
Posted inRisk Management
Compliance should protect firms from AI-washing investigations and insurance claims
Insurance firms are warning that AI-washing could trigger a slew of cases against directors, and are adjusting their directors’ and officers’ liability premiums accordingly. With regulators cracking down on AI-washing, compliance could be a crucial line of defense and save companies on their insurance costs.
Posted inEurope
Sanctions, money-laundering and supply chains top agenda for energy sector compliance
The energy sector faces rising regulatory activity, with more rules and enforcement. Bribery, corruption, and sanctions now dominate compliance concerns, driving rapid change and pressure on compliance officers.
Posted inFinancial Services
Role for compliance as FCA urges U.K. asset managers to take up tokenization tech
The U.K. Financial Conduct Authority (FCA) has opened a consultation on its plans to support “tokenization” – the digital representation of assets on distributed ledger technology (DLT). It is calling for firms to respond to the consultation before November 21.
The financial regulator said in a press release on Oct. 7 that it wants to provide clarity and support the adoption of this new technology to help the sector grow. The U.K.’s asset management sector currently comprises around 2,600 firms managing £14 trillion of assets for U.K. and global clients.
Posted inEthics & Culture
How to promote a positive compliance culture – and why behavior matters.
No matter what compliance managers do, people continue to disregard rules. Sandro Boeri, president of the U.K.’s Chartered Institute of Internal Auditors, says a new mandatory standard for internal audit teams can help.
Posted inTechnology
AI hallucinations in Deloitte Australia report highlight important role for compliance
“Hallucinatory” citations and errors in an AI-assisted report produced by Deloitte for the Australian government should be a wake-up call for compliance officers about the risks of placing too much trust in AI.
Posted inEurope
Extra-territorial rules: How to navigate global compliance complexity
Sanctions, tariffs, economic crime, big tech, data privacy, and environmental laws are expanding global compliance risks. Tougher penalties now reach deep into supply chains, making even small suppliers accountable to customers or regulators.
Posted inFinancial Services
Soaring costs of car loan compensation in U.K. highlight global risks from poor sales practices
U.K. motor finance companies are preparing to pay billions in compensation after a Supreme Court ruling found they sold unfair car loans over many years, failing to disclose key information and denying consumers the chance to compare deals or negotiate.