The fallout continues after the United Kingdom’s historic vote to leave the European Union. As the reality of it sets in, Paul Hodgson looks at what Brexit will mean for the U.K. financial markets, political landscape, and compliance needs.
Europe
Posted inEurope
MasterCard faces £19bn legal battle over illegal card charges
MasterCard is facing a £19 billion class-action lawsuit for anticompetitive conduct, making it the biggest claim in U.K. history. The landmark case is notable for another reason, as well: It will be the first case filed under the Consumer Rights Act. Jaclyn Jaeger has more.
Posted inEurope
FRC announces investigations into KPMG and PwC
The U.K. Financial Reporting Council, an independent investigative body that monitors and enforces accounting standards, is looking into audits made of financial services companies in the days preceding the global financial crisis of 2008-2009, starting with a delve into the work of two key accountancy firms—KPMG and PwC. Paul Hodgson reports.
Posted inEurope
More regulatory questions than answers following Brexit vote
CW reporter Joe Mont explores the aftermath of the Brexit vote (the United Kingdom’s recent decision to depart from the European Union): what do U.S. companies need to know; what questions require a strategic response; and where do we all go from here?
Posted inEthics & Culture
A roadmap toward executive-level gender diversity in the U.K.
The United Kingdom’s struggle for executive-level gender diversity continues, especially in the financial services sector, where only 23 percent of board directors and only 14 percent of executive committee members are female. The Women in Finance Charter offers a roadmap for how to address this, with a stern warning: Organizations can either address this proactively, or they can wait until regulations eventually force them to. Paul Hodgson reports.
Posted inEurope
More regulatory questions than answers following Brexit vote
Expect more questions than immediate answers following the “Brexit” vote, a decision that sees the United Kingdom leaving the European Union. While the country has its own regulatory regimes, it was also a party to many EU-wide regulations that may either stay in effect, be revised, or cast aside in favor of entirely new offerings. Prepare for plenty of confusion for U.K. and EU companies, and for U.S. multinationals with a physical or online presence in England, says CW reporter Joe Mont.
Posted inBoards & Shareholders
New blood at the Serious Fraud Office
A report from Her Majesty’s Crown Prosecution Service Inspectorate has attacked the Serious Fraud Office for being a largely white, all-male board. Paul Hodgson examines the merits of the report and the SFO’s response.
Posted inEurope
Brexit: ‘Don’t leave me this way’
“Don’t leave me this way,” screams a headline from Dutch daily Algemeen Dagblad. The Netherlands fears Britain’s exit will be bad for its reputation. Paul Hodgson reports.
Posted inEurope
FCA advises on new EU Market Abuse Regulation
The Financial Conduct Authority has published changes to its handbook, “Disclosure Guidance and Transparency Rules,” to help U.K.-listed companies comply with new EU Market Abuse Regulation (MAR) from 3 July this year. The handbook and MAR cover a very wide range of “market abuse” issues, such as insider dealing, improper disclosure, manipulating transactions, and more. Paul Hodgson reports.
Posted inEurope
FCA must not drop the ball on banking culture reforms
The U.K. Parliament’s Public Accounts Committee has issued a report that is not only deeply critical of the FCA’s decision to suspend its culture review of banks but also warns of “serious risks” of future mis-selling scandals. Paul Hodgson examines the report’s impact on U.K. bank culture.
