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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2022-09-28T12:00:00
The United Kingdom doesn’t have a strong track record for bringing executives to book. Very often, boardroom culprits have usually fallen on their swords, taken their pensions, and sometimes even moved to greener pastures long before any regulator comes knocking.
The latest nonenforcement notice occurred Aug. 26, when the U.K.’s main financial regulators—the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA)—ended their six-year investigations into former senior managers at HBOS and announced they would take no further action against the individuals for their role in the bank’s financial failure in 2008.
During the probes, the regulators said they gathered more than two million documents, conducted interviews, and pored through reams of contemporaneous evidence as part of their “forensic” and “rigorous” investigations to assess whether these senior managers failed in their roles and responsibilities. The result called for no enforcement action.
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2024-02-23T12:22:00Z By Neil Hodge
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.
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The Serious Fraud Office secured the convictions of two executives at failed British steel trading business Balli Steel on six counts of fraud. Legal experts examine whether “record-breaking” international cooperation in the case served as a crutch for the U.K. regulator.
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The “Edinburgh Reforms” aim to establish a smarter regulatory framework for the United Kingdom that is agile, less costly, and more responsive to emerging trends. Experts weigh in on the proposed changes.
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RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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