Companies House reforms to better protect U.K. companies from criminal activity
Companies House recently unveiled a substantial package of reforms that will do more to safeguard the personal data of business owners in an effort to offer U.K. companies greater protection from fraud.
U.K. plans Brexit vote in June
A look at possible consequences of the MP vote on Prime Minister Theresa May’s Brexit deal scheduled for early June.
BHP faces $5B claim over 2015 Brazilian dam collapse
Mining company BHP is facing a $5 billion damages action in the United Kingdom for its alleged negligence in its duty to prevent the Fundão dam collapse in Brazil in 2015.
FRC: Auditors must look for fraud
FRC CEO Stephen Haddrill confirmed that during the transition to the new statutory regulator, the Audit, Reporting and Governance Authority, the FRC will remain committed to tackling “deficiencies in audit and reporting quality vigorously.”
TRACE: How the GDPR interferes with anti-corruption compliance
Anti-bribery business association TRACE has submitted its overview of new issues that have emerged in the fight against foreign bribery due to implementation of the EU’s General Data Protection Regulation.
Top 10 supply chain risks for 2019
Natural disasters, droughts, port disruptions, cargo theft, and industrial fires are some of the top supply-chain risks that should keep executives and chief risk officers on their toes in 2019, according to a new risk report.
FCA data shows firms with most consumer credit complaints
The U.K. Financial Conduct Authority published its latest complaints figures for regulated firms for the second half of 2018, revealing how some financial services firms are receiving significantly more complaints than others.
FCA and the future of financial conduct regulation
Post-Brexit, FCA Chief Executive Andrew Bailey says the U.K. agency will take a “lower burden” regulatory approach than that of the European Union.
CMA recommends major overhaul of U.K. audit market
The U.K. Competition and Markets Authority (CMA) has recommended reform of the audit market aimed at increasing quality and competition and breaking the stranglehold of the Big Four accounting firms.
FCA publishes its Business Plan for 2019/20
The U.K. Financial Conduct Authority on 17 April published its Business Plan for 2019/20, outlining its key priorities for the coming year.
Former VW boss charged over emissions scandal in Germany
German prosecutors have filed aggravated fraud charges against Martin Winterkorn, the former chief executive of Volkswagen, and four other unnamed managers for their involvement in the emissions-cheating scandal.
Brexit extended until 31 October
EU leaders continue to dawdle on Brexit. The U.K.’s exit from the European Union has once again been delayed—this time until Oct. 31.
U.K. gets tough on social media firms
Social media companies should beware new U.K. rules that say they’ll be subject to a new statutory duty of care making them responsiblie for their users’ safety.
SFO Director Lisa Osofsky on fighting corruption
In remarks made on 3 April at the Royal United Services Institute in London, Serious Fraud Office Director Lisa Osofsky discussed the agency’s recent efforts and what she has learned on the job so far.
EDPS investigating contractual arrangements concerning software used by EU firms
The European Data Protection Supervisor, which is responsible for enforcing and monitoring EU companies’ compliance with data protection rules, said it is has launched an investigation into the compliance of contractual arrangements between EU institutions and Microsoft.
FCA regulation now in effect for claims management companies
The U.K. Financial Conduct Authority has issued a reminder for the claims management industry: As of 1 April, all claims management companies in England, Scotland, and Wales will have to demonstrate that they meet and maintain minimum standards set by the FCA.
MP’s Brexit motions defeated for 2nd time
After another failed attempt at Brexit consensus, the United Kingdom remains in turmoil. Prime Minister Theresa May will meet with her cabinet Tuesday to decide next steps.
FCA fines Goldman Sachs £34.3M for transaction reporting failures
Compliance officers in the financial services industry can learn a lot from the failings of Goldman Sachs, which was fined £34.3 million (U.S. $45 million) by the U.K. Financial Conduct Authority for failing to provide accurate and timely reporting relating to 220 million transaction reports over a period of a ...
SEC, U.K. strike post-Brexit cooperation deals
The SEC and the United Kingdom’s Financial Conduct Authority have reaffirmed their commitment to cooperation and information sharing, even after the latter withdraws from the European Union.
May loses another Brexit vote; EU calls 'no-deal' split 'likely'
For the third time, the House of Commons has voted against British Prime Minister Theresa May’s Brexit proposal. The tight April deadline for completing a separation deal with the European Union is now looking doubtful, and a “no-deal” split more likely.
What Swedbank is saying about its multiple investigations
It has been a tumultuous few weeks for Swedbank as it fends off several investigations, including for money laundering and insider trading, resulting in the dismissal of its chief executive officer.
Brexit deadlock: Going through the motions
With U.K. Prime Minister Theresa May’s Brexit deal twice defeated, Members of Parliament were tasked with finding an alternative solution through a series of eight “indicative,” non-binding votes. After all eight were rejected, what happens next?
Companies walk judgment tightrope as Brexit doubts peak
Preparers are facing some brutal accounting judgments as they approach the end of a reporting period straddling key dates in a chaotic Brexit.
May: Approve my Brexit plan, and I’ll resign
With a bold—but likely inevitable political gambit—U.K. Prime Minister Theresa May has made a promise to Members of Parliament: Vote for her Brexit plan, and she will resign.
One more time: Brexit pushed back by two weeks
U.K. Prime Minister Theresa May has gotten yet another reprieve, with the recent decision by European leaders to delay a decision on Brexit by two weeks. This gives May another chance to get the votes needed to pass her Brexit deal.
Brextension, but only if deal approved
After two rejections, U.K. Prime Minister Theresa May has sent a letter to European Council President Donald Tusk to ask for an extension on Brexit.
U.K. narrow-minded to think breaking up Big Four a good idea
Big Four accounting expert James Peterson discusses ways in which the United Kingdom may dismantle the Big Four, the possible consequences of each of the proposals, and which he thinks is the better solution.
EC fines Google €1.49B over online advertising abuses
The European Commission slapped Google with a €1.49 billion (U.S. $1.69 billion) fine for breaching competition rules—the third penalty in three successive years for the internet giant.
FCA fines UBS £27.6M for transaction reporting failures
The U.K. Financial Conduct Authority has fined UBS £27.6 million (U.S. $36.6 million) for failings relating to 135.8 million transaction reports.
Interserve: Carillion Part II
In an almost carbon copy of the Carillion collapse, peer contracting firm Interserve went into administration on Friday due to a majority of its shareholders rebelling against a debt cancellation deal that would have seen their investment at even lower levels than the deal that was finally agreed to.
U.S. regulators ponder Brexit plans, disclosure demands
The planned—but still chaotic—divorce of the United Kingdom from the European Union could trigger disclosure demands for U.S. companies. The SEC’s Division of Corporation Finance has some advice.
U.K. votes to delay Brexit
The United Kingdom’s Parliament voted 412-202 Thursday to ask the European Union for a delay to Brexit in yet another defeat for beleaguered Prime Minister Theresa May.
Dutch DPA: Forcing users to agree to ‘cookies’ violates GDPR
The Dutch Data Protection Authority says giving visitors access to websites only if they agree to their internet browsing activities being tracked by so-called “cookies” or other tracking software does not comply with the EU’s General Data Protection Regulation.
EU whistleblower protections closer to fruition
As EU whistleblower protections inch closer, Neil Hodge provides an in-depth look at exactly what they will cover.
Hempel resolves bribery case with European authorities for $33.3M
Global coatings manufacturer Hempel has reached a settlement with Danish and German authorities and agreed to a fine of 220 million Danish krone (U.S. $33.3 million) concerning bribery payments made to ship managers in Germany.
Brexit: 'No-deal' option rejected; delay vote coming
A day after voting down Prime Minister Theresa May’s proposed Brexit deal for the second time, the U.K. Parliament voted Wednesday to reject leaving the European Union without a deal by a 321-278 margin.
U.K. government unveils reform plan for modern work practices
In response to a July 2017 review of modern working practices, the U.K. government has issued a long-awaited package of legislation, regulation, and reforms. The “Good Work Plan” sets out seven principles to address challenges facing the U.K. labour market.
New, tough regulator to oversee U.K. audit
The U.K. Financial Reporting Council will soon be replaced by a new regulator acting on recommendations from Sir John Kingman of the London Stock Exchange. The government hopes to ensure the United Kingdom going forward has “a world-class audit and accounting regulator.”
Swedbank faces scrutiny over money laundering allegations
Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.
U.K. gender pay gap reports rife with defects
A new report from U.K. organization paygaps.com says that compliance with gender pay regulations and guidance is still very weak.
Ted Baker CEO resigns following ‘hugging’ allegations
Ray Kelvin, the CEO and founder of fashion retailer Ted Baker, has resigned following allegations of sexual misconduct made against him last December.
Autoliv, TRW fined €368M for breaching EU antitrust rules
Autoliv and TRW became the latest automotive-safety equipment suppliers to be fined by the European Commission for cartel activity to the tune of €368 million (U.S. $416 million) for breaching EU antitrust rules. For revealing the cartel activity to the Commission, Takata was not fined.
Facebook facing probes in Ireland
Facebook is the subject of 10 investigations by Ireland’s privacy regulator into whether the company and its subsidiaries have violated European Union privacy law—part of 15 probes the regulator has opened up against major tech firms headquartered in the country.
U.K.-U.S. authorities reach post-Brexit derivatives trading deal
The U.S. Commodity Futures Trading Commission and the Bank of England—including the Prudential Regulation Authority and the U.K. Financial Conduct Authority—on Monday issued a joint statement finalizing a post-Brexit derivatives trading deal.
May gives MPs vote to delay Brexit
U.K. Prime Minister Theresa May has offered Members of Parliament the chance to vote on delaying Brexit if her deal is voted down next month.
The U.K.’s coming auditor rotation nightmare
Noting that a number of U.S. headquartered banks are due to rotate their U.K. subsidiary auditor soon, the FRC said this would result in the group auditor in the U.S., which is not required to rotate, being different from the U.K. subsidiary auditor. What then?
Labour says no to no-deal Brexit, yes to second referendum
The U.K. Labour Party announced it would push forward an amendment to the government’s Brexit motion that would make its “credible alternative plan” the Brexit negotiating position.
U.K. supermarkets collaborate to embed responsible recruitment practices in their supply chains
U.K. supermarkets—including Aldi, Co-op, M&S, Sainsbury’s, Tesco, and Waitrose & Partners—have joined together as founding sponsors of the Responsible Recruitment Toolkit to offer expert, pragmatic support to their suppliers to help them achieve responsible recruitment in their supply chains.
SFO names new general counsel
The U.K. Serious Fraud Office named Sara Lawson as its new general counsel, effective 1 May 2019. Lawson replaces Alun Milford, who left the post late last year for Kingsley Napley after six years with the SFO.
May delays Brexit vote to March 12
Prime Minister Theresa May has pushed back Parliament’s chance to vote on the United Kingdom’s Brexit deal until 12 March—just 17 days before the country is supposed to leave the European Union.