Companies that do business in the United Kingdom will soon find themselves subject to a new regime where more people in the organization can be subject to criminal prosecution—and not just for a handful of serious economic crimes.
United Kingdom
Posted inThird Party Risk
U.K. financial firms urged to prepare for operational and third-party incident reporting changes
Financial services firms in the U.K. must prepare now for new reporting rules aimed to promote operational resilience in the face of increasing global threats.
Posted inRegulatory Enforcement
U.K. set to make ‘senior managers’ more accountable for corporate crime
The risk of criminal liability is set to increase for companies doing business in the United Kingdom after new legislation takes effect in June.
Posted inFinancial Services
U.K. financial regulators pare down rules for senior managers
The U.K.’s key financial regulators have pared down the compliance requirements that hold senior managers accountable as part of the government’s drive to reduce undue regulation by half and boost investment.
Posted inBanking
U.K. tightens debanking rules as compliance teams in banks walk a regulatory tightrope
Closing a U.K. bank account against the wishes of the customer has just got more complicated. From April 28, banks and payment service providers must comply with new rules governing when and how they close an existing customer’s account.
Posted inAccounting & Auditing, Artificial Intelligence, Finance, Top Stories, United Kingdom
Auditors who use AI cannot blame the tech for mistakes, says U.K. regulator
The U.K.’s audit regulator has issued what it says is the world’s first guidance on the use of generative AI and agentic AI in auditing. This sets out where AI should and shouldn’t be used in auditing, and why audit firms will not be able to blame the tech if it goes wrong.
Posted inFinance
Lloyds IT glitch: Key lessons for compliance
IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
Posted inFinance
U.K. Targeted Support narrows advice-guidance gap, raises compliance stakes
The U.K.’s Targeted Support Scheme, intended to provide millions of people with a newly created category of affordable regulated financial advice, went live on April 1. The U.K. government billed the scheme as a “once in a generation” change that will help millions to navigate their financial lives more effectively.
Posted inCryptocurrency and Digital Assets
FCA joins police, HMRC to carry out first crackdown on illegal crypto trading
The U.K.’s financial services regulator has raided eight addresses in London as part of an operation working with police and tax authorities to disrupt illicit crypto activity and prevent possible financial crime risks.
Posted inArtificial Intelligence
U.K. joins global trend for AI-enabled regulatory supervision
The U.K. financial regulator is expanding its remit and planning to deploy AI to manage its increased workload. This is part of a global trend and has significant compliance implications.