United Kingdom

 

London Financial District

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Reignited calls to tighten up AML in London, crown dependencies

2024-06-06T13:52:00+01:00By

Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.

Business data

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Big Tech data for finance: Will FCA plans set trend?

2024-06-04T12:26:00+01:00By

Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.

London dark

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Experts express skepticism toward ‘challenging’ SFO strategy

2024-05-31T15:47:00+01:00By

The U.K. Serious Fraud Office last month published its five-year strategic plan outlining how it intends to improve information gathering and international cooperation, as well as its enforcement record.

HSBC

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HSBC fined $8M by FCA for mishandling customers in default

2024-05-23T15:55:00+01:00By

The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.

Citi building

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Citi unit fined $78.6M by U.K. regs for trading control failures

2024-05-22T18:30:00+01:00By

The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.

Messaging apps

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Survey: Social media remains vexing issue for financial firms

2024-05-21T12:45:00+01:00By

A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.

Crowe

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Crowe U.K. dinged $181K by FRC for Aseana Properties audit failures

2024-05-14T16:30:00+01:00By

Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.

Blog

Crypto insurer Meanwhile transitions CCO to senior adviser

2024-05-13T13:33:00+01:00By

Meanwhile, a Bitcoin life insurance company, announced Chief Risk and Compliance Officer Annie Tay will transition to senior adviser.

London business district

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FRC fines PwC, EY for London Capital & Finance audit failings

2024-05-07T18:58:00+01:00By

Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.

Lloyds

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Lloyds decision to cut risk staff draws criticism, defenders

2024-04-30T17:25:00+01:00By

Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.

Payments

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U.K. regs up pressure on debt collection practices

2024-04-29T11:44:00+01:00By

Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.

Pav Gill 3x2

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Wirecard whistleblower laments EU speak-up protection inconsistencies

2024-04-29T11:39:00+01:00By

The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.

Accounting

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Accountancy bodies urge ethical behavior amid exam cheating scandals

2024-04-25T12:50:00+01:00By

Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.

Big Tech

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FCA exploring how Big Tech data can aid financial services

2024-04-24T15:05:00+01:00By

The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.

Blog

ENODA appoints general counsel

2024-04-24T13:13:00+01:00By

Energy technology company ENODA announced the appointment of Aniela Foster-Turner as general counsel.

ESG concept

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FCA publishes guidance on anti-greenwashing rule

2024-04-23T19:29:00+01:00By

The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.

ESG vector

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Report: Poor awareness of supply chain disclosure regs leaving firms exposed

2024-04-23T15:44:00+01:00By

Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.

SFO

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SFO outlines five-year strategy amid ‘increasing pace of change’

2024-04-22T13:00:00+01:00By

The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.

Facial recognition scan

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Focused on consumer privacy? Don’t forget employees’ rights

2024-04-17T15:09:00+01:00By

The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.

Treasury

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U.S., U.K. ban new Russian metal imports

2024-04-15T15:38:00+01:00By

The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.

Grant Thornton

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Grant Thornton UK dinged $51K for pension fund audit lapses

2024-04-09T17:23:00+01:00By

Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.

Agriculture

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U.K. border controls on EU goods evoke supply chain disruption concerns

2024-04-09T14:10:00+01:00By

The imposition of full border controls on goods entering the United Kingdom from the European Union will affect importers and their EU suppliers, and both are advised to prepare for increased checks, possible delays, and new charges.

London Financial District

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U.K. sets recommendations to address misogyny in finance

2024-03-28T13:59:00+00:00By

Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.

Blog

Cineworld Group announces general counsel

2024-03-28T13:32:00+00:00By

Theater company Cineworld Group announced the appointment of John Henrich as general counsel.

UK privacy

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ICO primed for enforcement increase behind new fining guidance?

2024-03-25T13:36:00+00:00By

The Information Commissioner’s Office updated its data protection fining guidance to provide companies with greater transparency and clarity about how and why it would issue penalties for a breach of the U.K. General Data Protection Regulation or Data Protection Act 2018.

Blog

Butterfield names general counsel, group legal chief

2024-03-21T13:34:00+00:00By

The Bermuda-based Bank of N.T. Butterfield & Son Limited announced the appointment of Simon Des-Etages to general counsel and group chief legal officer.

Privacy Shield

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Privacy by design a silver bullet for stemming AI risks?

2024-03-15T17:41:00+00:00By

The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.

Blog

Zodia Custody appoints legal chief

2024-03-14T13:06:00+00:00By

U.K.-based digital asset custodian Zodia Custody appointed Azmina Keshani as chief legal officer.

Magnifying glass

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SFO launches probe into collapsed Carlauren Group

2024-03-13T15:47:00+00:00By

The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.

Blog

PPRO announces chief legal, risk, and compliance officer

2024-03-13T12:58:00+00:00By

Local payments platform PPRO announced the appointment of Selene Brett as chief legal, risk, and compliance officer.

Financial Conduct Authority

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FCA fines financial adviser $1.1M over British Steel advice, oversight lapses

2024-03-12T19:10:00+00:00By

The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.

London cityscape

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SFO director support for whistleblower incentives enough to drive change?

2024-03-11T12:47:00+00:00By

When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.

UK compensation

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Top brands shamed for U.K. minimum wage failings ahead of hike

2024-03-06T18:09:00+00:00By

The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.

Blog

ClearBank UK promotes risk and compliance chief to CEO

2024-03-06T12:31:00+00:00By

ClearBank announced Emma Hagan, chief risk and compliance officer, was appointed chief executive officer of ClearBank UK.

U.K. money laundering

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​FCA warns CEOs over firm AML failings

2024-03-05T20:55:00+00:00By

The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.

KPMG

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KPMG fined $1.9M by FRC over M&C Saatchi audit lapses

2024-03-05T20:05:00+00:00By

KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.

Business ethics

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Best practices for determining need for a human rights policy

2024-02-29T13:21:00+00:00By

Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.

United Kingdom

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FCA vows transparency, faster case outcomes in new enforcement strategy

2024-02-28T18:26:00+00:00By

The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.

British pounds

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FCA calls attention to continued trade manipulation tactics

2024-02-28T13:17:00+00:00By

Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.

Employee relations

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Experts: No easy fix for U.K. senior manager accountability shortcomings

2024-02-23T12:22:00+00:00By

Legal experts generally agree the U.K.’s record for prosecuting board-level executives for financial and economic crime could be better. But some believe there is a problem criticizing poor enforcement when the legislation in place has its own shortcomings.

Lloyds

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Lloyds discloses FCA probe into AML controls

2024-02-23T12:14:00+00:00By

Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.

Avast

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Avast to pay $16.5M in FTC case over deceptive data selling

2024-02-22T22:14:00+00:00By

The Federal Trade Commission proposed Avast pay $16.5 million and be prohibited from selling any browser data to settle charges the software provider sold consumer information to third parties after promising it would not.

Barclays

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Barclays says FCA probe into AML controls closed

2024-02-21T18:49:00+00:00By

Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.

Blog

Lloyd’s appoints general counsel

2024-02-21T16:56:00+00:00By

Lloyd’s, a marketplace for insurance and reinsurance, announced Claire Schrader as general counsel, a role she has been performing on an interim basis since August.

Employees

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U.K. labor shortage stakes up following tripled illegal worker fines

2024-02-21T15:11:00+00:00By

Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.

London business district

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SFO raids kick off probe into collapsed Signature Group

2024-02-21T14:55:00+00:00By

The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.

James Levey 3x2

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Q&A: ManpowerGroup compliance director on CSRD prep efforts

2024-02-19T14:00:00+00:00By

James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.

Climate

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Verifiable data key as companies begin TNFD-aligned disclosures

2024-02-15T14:47:00+00:00By

More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.

London dark

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New SFO director vows quicker cases, stumps for whistleblower payouts

2024-02-14T21:21:00+00:00By

“Under my leadership, the SFO will be bolder, more pragmatic, more proactive,” said Nick Ephgrave in his first public speech as head of the U.K. Serious Fraud Office.

Blog

Yorkshire Building Society names new risk chief

2024-02-14T19:52:00+00:00By

U.K.-based financial services provider Yorkshire Building Society appointed Richard Bowles as chief risk officer.