Experts: No easy fix for U.K. senior manager accountability shortcomings
By 
Neil Hodge2024-02-23T12:22:00
U.K. bosses are unlikely to face fines, jail time, or any other sanction if the companies they run are involved in economic or corporate crime, according to research by Spotlight on Corruption.
The campaign group’s report, “Power Without Responsibility,” found the U.K.’s main investigatory and enforcement agencies responsible for prosecuting serious economic and financial crime have dismal prosecution records against senior executives at large firms.
Since 2013, 6 percent of the investigations carried out under the Financial Conduct Authority’s (FCA) senior managers regime have resulted in any enforcement action, the group found.
Related articles
-
PremiumU.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.
-
News BriefN.Y. compliance officer charged for embezzling $200K from employer
A New York-based chief counsel and compliance officer was charged for embezzling more than $200,000 from the consulting firm he worked for, the Manhattan District Attorney’s Office announced.
-
PremiumU.K. push for more listings to lower bar on governance?
Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.
More from Regulatory Enforcement
-
ArticleFTC secures $145 Million in settlements over misleading health insurance sales and data practices
Two major health insurance brokers will pay a combined $145 million to resolve Federal Trade Commission allegations that they misled millions of consumers and mishandled personal data, the agency announced Thursday.
-
ArticleOperators of crypto platform plead guilty to enabling money laundering
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.
-
ArticleCrackdown on late payments could lead to U.K. companies facing million-pound fines
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 is intended to save the 38 businesses a day that go bust because of poor payment practices.