Neil Hodge
Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal issues for a wide range of publications in the United Kingdom and United States.
ArticleKPMG facing $17.6M fine following Carillion tribunal
KPMG is set to pay a reduced fine of £14.4 million (U.S. $17.6 million) from the U.K. Financial Reporting Council over its botched audits at collapsed construction company Carillion and software firm Regenersis.
- Article
FCA fines, bans director over unauthorized compliance duties
Thomas Ward, a former head of compliance at an investment management firm who once worked as a compliance inspector for a U.K. regulator, was fined 416,558 pounds (U.S. $513,000) and banned from working in the financial services sector following a tribunal ruling.
- Article
Cost of business? EU energy firms weigh bypassing Russian sanctions to secure gas
Russia’s squeeze on European energy companies to pay for gas in rubles might be about to pay off as some of the continent’s largest suppliers appear to be working out sanctions-compliant solutions to secure gas flows.
- Article
Report: European AML compliance efforts remain substandard
European governments need to step up their efforts to combat money laundering and terrorist financing because their current capabilities are below par, according to a report by the Council of Europe’s Moneyval unit.
- Article
FRC report findings suggest overhaul needed for Modern Slavery Act
The U.K. Modern Slavery Act has often been described as “world leading,” yet companies are still failing to meet requirements by providing a statement outlining what they are doing to prevent modern slavery in their businesses and supply chains.
- Article
FCA cracking down on challenger banks after review
Challenger banks must improve how they assess financial crime risk following a review by the U.K. Financial Conduct Authority that found some fail to carry out even basic customer checks.
- Article
FCA puts U.K. fintech firms on notice with QPay forfeiture
The U.K. Financial Conduct Authority used its powers under the Proceeds of Crime Act to force fintech firm QPay Europe to forfeit £2 million (U.S. $2.5 million) alleged to be linked to a U.S.-based wire fraud conspiracy.
- Article
Experts assess risks to weigh as companies confront exit from Russia
As sanctions against Russia continue to come down from the United States, European Union, and other countries, companies must ensure they have the means to comply instantly—even if ceasing business dents their financials and puts them at legal risk for breaching contract.
- Article
EU industries put to test as Russian invasion of Ukraine persists
Less than two months since Russia invaded Ukraine, a range of industries across Europe have issued stark warnings about supply chain shortages, production shutdowns, and price hikes. The worst may still be yet to come, particularly in Germany.
- Article
Experts: P&O Ferries’ exposure of U.K. law weaknesses sets dangerous precedent
P&O Ferries’ dismissal of 800 workers with immediate effect via prerecorded video before consulting unions or employees has united U.K. politicians of all parties to condemn the company. One problem: Its actions appear to be largely legal.
- Article
Bank of Ireland fined $504K for credit rating data breaches
Bank of Ireland was fined €463,000 (U.S. $504,000) after an investigation by the Irish Data Protection Commission found customer data was accidentally altered in a way that could have damaged credit ratings and prevented getting loans.
- Article
Danske Bank fined $1.5M for data processing failures under GDPR
The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.
- Article
Reported SEC probe of Big Four taking page from U.K. breakup plans?
The Securities and Exchange Commission is reportedly investigating whether large audit firm consulting services affect auditor independence. Any action taken might mirror the United Kingdom’s ongoing actions to break up the Big Four’s dominance.
- Article
Experts optimistic, though wary, toward Privacy Shield successor
Legal and data privacy experts have expressed cautious optimism regarding the announcement that the United States and European Union have reached an agreement in principle to resume transatlantic data flows.
- Article
SFO dealt blow after second Unaoil conviction overturned
The U.K. Serious Fraud Office was dealt another blow after Paul Bond, a former sales manager at Dutch energy services company SBM Offshore, had his 42-month jail sentence overturned because the agency failed to disclose vital evidence in its Unaoil case.
- Article
New ICO head strives for reassurance in first speech
John Edwards, head of the U.K. Information Commissioner’s Office, said he wants to bring greater certainty for companies regarding their data compliance needs, especially if the government’s drive to reduce regulatory burdens results in the EU withdrawing its data adequacy decision.
- Article
Momentum building toward Privacy Shield replacement?
Recent comments by EU and U.S. lawmakers and insights from privacy experts suggest a new mechanism to replace the defunct Privacy Shield and ensure safe transatlantic data transfers might soon be introduced.
- Article
How EU regulators are warning of Russian data protection threats
Regulators in Norway, Germany, Lithuania, Estonia, Denmark, and Sweden address how companies can prepare for increased data protection and cybersecurity risks in the wake of Russia’s invasion of Ukraine.
- Article
Meta fined $18.6M under GDPR for 2018 data breaches
The Irish Data Protection Commission fined Meta’s Irish subsidiary 17 million euros (U.S. $18.6 million) for a series of personal data breaches that took place nearly four years ago.
- Article
Amazon transport arm GDPR fine imparts lesson on criminal record checks
Amazon Road Transport was fined €2 million (U.S. $2.2 million) for trying to carry out criminal record checks on freelance truck drivers it wanted to hire without Spanish law to back up the practice.
