It’s been an intense year for the audit industry in the United Kingdom—and things are expected only to get tougher as a new audit regulator, with new leadership and stronger statutory powers, prepares to take the reins.
European Data Protection Supervisor Giovanni Buttarelli has passed away, his office announced in a statement Wednesday. He was 62.
The repeal of the European Communities Act provides a “clear signal” that the U.K. government intends to leave the European Union without extending the Brexit deadline—with or without a deal.
Concerns abound over whether or not using facial recognition technology violates consumer privacy.
Aspen Pharmacare has offered to pay the U.K.’s National Health Service £8 million (U.S. $9.7 million) following suspicions that the company paid rival firms to delay marketing a vital medicine to retain market dominance.
Companies considering entering a deferred prosecution agreement with the U.K. Serious Fraud Office might instead want to take their chances with a trial following the outcomes of a trio of recent high-profile corruption cases.
In recent guidance, the SFO for the first time has formally set out expectations essential to U.S.-type deferred prosecution agreements, but some say the low number of companies accepting criminal responsibility may negate the provision’s worth.
The EU’s tough new data rules are “bearing fruit,” but some member states have still not put GDPR into law, and only 20 percent of EU citizens seem aware of which public authority is responsible for protecting their personal information.
The Criminal Division of the U.K. Court of Appeal has upheld the April 2018 conviction of Alstom Network UK over a bribery case concerning an infrastructure contract in Tunisia.
Newly elected Prime Minister Boris Johnson will enter 10 Downing Street with exactly 100 days to deliver the Brexit he has promised.
Recent record-breaking fines for GDPR violations levied on British Airways and Marriott by the U.K. Information Commissioner’s Office offer a glimpse into what GDPR enforcement might look like going forward and serve up a warning to companies that data privacy protocols must be foolproof.
Ireland—home EU regulator to Big Tech firms including Google, Twitter, and Facebook—is the key country not to have issued a GDPR-related fine yet, though the regulator has said it has started at least 19 inquiries into the sector.
Most EU countries have now issued fines under the GDPR. Determining which are the toughest enforcers depends on one’s viewpoint—we lay out country-by-country look at the enforcement trends to date.
New European Commission President Ursula von der Leyen has said she is willing to extend the Brexit deadline for a third time “should more time be required for a good reason.”
The European Commission has fined Qualcomm 242 million Euros (U.S. $271 million) for anti-competitive behavior in violation of EU antitrust rules. Qualcomm says it has done nothing wrong and will appeal the finding.
The European Commission is investigating Amazon over concerns that the company’s use of data gathered from independent retailers that sell on its marketplace breaches EU competition rules.
U.K. audit regulators saw no improvement in audit quality in their most recent inspections, indicating none of the major firms achieved targeted pass rates.
Marriott has disclosed in a filing with the SEC that the U.K.’s Information Commissioner’s Office intends to fine it roughly £99 million (U.S. $124 million) for infringements of the EU’s GDPR.
The CMA, U.K.’s competition watchdog, explores whether a separate regulator is needed to oversee leading digital firms that have become “data monopolies” that stifle competition.
Cécilia Fellouse-Guenkel, executive secretary at Le Cercle de la Compliance in Paris, discusses with columnist Tom Fox how compliance is viewed in France and touches on the country’s new anti-corruption law, Sapin II.
British Airways was hit Monday with the largest penalty to date under the EU’s GDPR, a £183.39m (U.S. $230 million) fine stemming from the compromised data of nearly 500,000 customers.
The U.K. Serious Fraud Office has approved in principle a deferred prosecution agreement with Serco Geografix for fraud and false accounting that would result in a fine of £19.2 million (U.S. $24.2 million).
A London Southwark Crown Court jury on June 27 convicted two individuals—a senior compliance officer of UBS and a day trader of financial securities—and sentenced them to three years’ imprisonment for insider trading.
Danske Bank has been forced to fire yet another board member—this time for mis-selling thousands of customers a wealth management product that charged excessive fees.
Harvard Law School’s Eli Goldston Professor of Law Matthew Stephenson discusses the benefits of public registers.
Consultant and independent director Geoff Cook offers evidence on why public registers are still lacking.
One of Facebook’s top executives added his voice to the growing movement among technology firms that the sector cannot police the internet on its own.
A U.K. subsidiary of Airbus that has been at the center of a seven-year bribery investigation disclosed in an annual report that it will be ceasing business operations, meaning it could potentially avoid criminal charges in connection with the matter.
Starting in 2021, Guernsey, Jersey, and the Isle of Man will make records of company ownership public, which should please members of parliament who have argued that not doing so has made them vulnerable to financial crime.
Scandinavian banking giant Nordea revealed its Copenhagen office was raided by Danish police as part of an ongoing investigation into alleged money laundering.
The U.K. Serious Fraud Office has appointed two new non-executive directors: Emir Feisal and Martin Spencer.
France’s data watchdog CNIL levied a €400,000 (U.S. $453,000) fine on real estate services provider Sergic for failing to adequately protect the data of its Website’s users.
The Financial Conduct Authority has concluded its investigation into the Royal Bank of Scotland and published a final report of its findings.
Human rights campaign group Amnesty International has said it will lose most of its senior leadership team after a scathing report slammed the organization’s “toxic” workplace culture.
Year 1 under the General Data Protection Regulation saw no fines handed out in the United Kingdom. Year 2 could be a much different story,
Transparency for all AI-generated decisions is not as important as context, according to new research from U.K. data regulator the Information Commissioner’s Office.
A Freedom of Information Act request shows Britain’s data protection watchdog has imposed just 29 financial penalties in the last year, none of which came under the EU’s General Data Protection Regulation.
Regulators in eight Nordic and Baltic countries are developing a joint effort to exchange information with regard to fighting money laundering.
Specialist insurance market Lloyd’s has initiated a confidential survey to help detect and ultimately root out a legacy of drunken and misogynistic behavior at the company.
The Irish Data Protection Commission is investigating whether Google’s online Ad Exchange violated General Data Protection Regulation provisions.
U.K. Prime Minister Theresa May steps down on June 7, following numerous attempts to get Parliament to back her Brexit plan.
Considered “feeble” no more, the United Kingdom’s Pensions Regulator is ramping up enforcement actions against individuals or organizations not in compliance with the law.
U.K. Prime Minister Theresa May warned MPs if they don’t back the latest amended Withdrawal Agreement Bill, they will not vote on whether there should be a second Brexit referendum.
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.
A look at possible consequences of the MP vote on Prime Minister Theresa May’s Brexit deal scheduled for early June.
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 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.”
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.
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.
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.