United Kingdom


London Financial District


Reignited calls to tighten up AML in London, crown dependencies


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


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


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


Experts express skepticism toward ‘challenging’ SFO strategy


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.


News Brief

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


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

News Brief

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


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


Survey: Social media remains vexing issue for financial firms


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.


News Brief

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


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.


Crypto insurer Meanwhile transitions CCO to senior adviser


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

London business district

News Brief

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


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 decision to cut risk staff draws criticism, defenders


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.



U.K. regs up pressure on debt collection practices


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


Wirecard whistleblower laments EU speak-up protection inconsistencies


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.



Accountancy bodies urge ethical behavior amid exam cheating scandals


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


FCA exploring how Big Tech data can aid financial services


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.


ENODA appoints general counsel


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

ESG concept

News Brief

FCA publishes guidance on anti-greenwashing rule


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


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


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.


News Brief

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


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


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


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.


News Brief

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


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

News Brief

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


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.



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


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


U.K. sets recommendations to address misogyny in finance


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.


Cineworld Group announces general counsel


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

UK privacy


ICO primed for enforcement increase behind new fining guidance?


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.


Butterfield names general counsel, group legal chief


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


Privacy by design a silver bullet for stemming AI risks?


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.


Zodia Custody appoints legal chief


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

Magnifying glass

News Brief

SFO launches probe into collapsed Carlauren Group


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.


PPRO announces chief legal, risk, and compliance officer


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

Financial Conduct Authority

News Brief

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


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


SFO director support for whistleblower incentives enough to drive change?


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


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


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.


ClearBank UK promotes risk and compliance chief to CEO


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

U.K. money laundering

News Brief

​FCA warns CEOs over firm AML failings


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.


News Brief

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


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


Best practices for determining need for a human rights policy


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

United Kingdom


FCA vows transparency, faster case outcomes in new enforcement strategy


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


FCA calls attention to continued trade manipulation tactics


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


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


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.


News Brief

Lloyds discloses FCA probe into AML controls


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


News Brief

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


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.


News Brief

Barclays says FCA probe into AML controls closed


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.


Lloyd’s appoints general counsel


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.



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


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

News Brief

SFO raids kick off probe into collapsed Signature Group


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


Q&A: ManpowerGroup compliance director on CSRD prep efforts


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.



Verifiable data key as companies begin TNFD-aligned disclosures


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


New SFO director vows quicker cases, stumps for whistleblower payouts


“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.


Yorkshire Building Society names new risk chief


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