By Ruth Prickett2025-08-07T15:59:00
Late payers will soon face much larger fines in the U.K. in what is promised to be the “toughest crackdown on late payments in a generation.” The scheme, announced by Business Secretary Jonathan Reynolds on July 30, is intended to save the 38 businesses a day that go bust because of poor payment practices.
The government said that the new rules will be the toughest late payment laws anywhere in the G7 countries. It believes that late payments cost the U.K. economy £11 billion a year.
The proposals will affect compliance across all sectors in every organization that employs smaller businesses in its supply chain. Payment practices, strategies, records, and disputes may come under scrutiny.
2025-07-31T20:37:00Z By Neil Hodge
When growth slows, governments often cut rules to attract investment, as the U.K. has in its financial services sector, which contributes 8.8% of GDP, but easing the “compliance burden” raises concerns about oversight, governance, and prioritizing profits over safety.
2025-07-26T02:15:00Z By Neil Hodge
Plans to push audit firms to disclose how they use AI in audits have been broadly welcomed, but concerns remain over how corporate data is used, secured, retained, and potentially exposed.
2025-07-21T16:59:00Z By Ruth Prickett
The U.K.’s Data (Use and Access) Bill, passed into law on June 19, aims to boost the economy and simplify access to services like healthcare and policing. Businesses must understand the changes and ensure data policies and complaints procedures are current.
2025-08-07T19:38:00Z By Adrianne Appel
The owners of cryptocurrency mixing service Samourai Wallet pleaded guilty to transmitting more than $200 million in criminal transactions, according to the Department of Justice.
2025-08-06T20:18:00Z By Aly McDevitt
A delayed product hazard report cost one company criminal and civil penalties—and a mother her life. This case shows why timely reporting and executive accountability are non-negotiable for compliance teams.
2025-08-06T14:00:00Z By Oscar Gonzalez
The Trump administration declawed the Consumer Financial Protection Bureau from the very beginning of his second term. It now appears the agency might be running out of money.
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