The U.K.’s key financial regulators have pared down the compliance requirements that hold senior managers accountable as part of the government’s drive to reduce undue regulation by half and boost investment.
UK
Posted inFinance
Lloyds IT glitch: Key lessons for compliance
IT outages seem to be increasingly prevalent in the financial services sector, despite a firmer focus on technical resilience by regulators both in the United Kingdom (U.K.) and the European Union (EU). A recent tech glitch that hit a major U.K. bank should compel compliance teams in the sector to review their IT security and incident reporting at the very least, say experts.
Posted inRegulatory Policy
Preparing for the EU’s anti-corruption directive
The EU Anti-Corruption Directive is set to come into force in a few months’ time and will take effect in mid-2028. It will harmonize bribery and corruption rules across the Single Market, as well as raise the prospect of better enforcement in those EU countries that have—so far—taken a decidedly lax approach to investigating and prosecuting serious corporate crime.
Posted inAccounting & Auditing
U.K. audit regulator launches new supervisory model, but wider audit reform questions remain
The U.K. audit regulator has announced a major “evolution” of its audit supervisory model, promising to introduce a more proportionate, effective, and integrated framework.
Posted inUnited Kingdom
U.K. financial regulator and Ombudsman set out modernization plan for consumer redress
Changes to the U.K.’s Financial Ombudsman Service, which enables consumers to pursue financial services firms for compensation for unfair treatment, will place greater weight on firms’ compliance. The changes have been prompted in part by the scandal surrounding poor-value car loans provided via dealers.
Posted inTop Stories
How to prepare for U.K. sustainability reporting rules
The U.K.’s plans to revise how companies report more meaningfully on the impact their operations have on the environment will mean organizations will have to dig for better data to satisfy regulators—even if they decide that compliance with the proposed rules is not appropriate for them under the option of “comply or explain.”
