All United Kingdom articles – Page 14
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ArticleInflation: A breeding ground for financial crime
Inflation has ripple effects on individuals and businesses, posing a wide variety of threats to the economy. It not only affects a country’s financial stability but also results in increased financial crime rates.
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News BriefFRC probing Deloitte work at retailer Joules Group
The U.K. Financial Reporting Council launched an investigation into the work of Big Four audit firm Deloitte at collapsed clothing retailer Joules Group.
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News BriefFRC: KPMG audit failings at The Works exacerbated by Covid-19
The U.K. Financial Reporting Council fined Big Four audit firm KPMG approximately £1 million (U.S. $1.2 million) for deficiencies in its work on the 2020 year-end financials of discount retailer TheWorks.co.uk.
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News BriefBritish American Tobacco to pay $635M in North Korea sanctions case
British American Tobacco will pay more than $635 million to settle allegations the company violated U.S. sanctions against North Korea using a complex, yearslong scheme to import tobacco products into the country.
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Premium‘Divergence is coming’: Experts cast doubt on EU adopting U.K. GDPR reforms
Despite suggestions the European Union could look to the United Kingdom when considering future changes to the General Data Protection Regulation, legal experts question the impact planned U.K. reforms to the privacy law will have on multinational businesses.
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News BriefBarclays recruits chief compliance officer from HSBC
Barclays announced the appointment of Kirsty Everett as chief compliance officer and a member of its group executive committee, effective July 1.
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News BriefFRC investigating EY audits of Made.com, unnamed firm
The U.K. Financial Reporting Council announced the launch of two separate investigations regarding audits performed by Big Four firm EY, including a probe into the 2021 financials of collapsed online furniture retailer Made.com.
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News BriefFRC probing KPMG audit of Carr’s Group
The U.K. Financial Reporting Council is investigating the work of Big Four firm KPMG during a 2021 audit at agriculture and engineering services provider Carr’s Group.
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OpinionBBC-Gary Lineker controversy a lesson in employee social media supervision
The BBC’s widely criticized suspension of soccer commentator Gary Lineker for remarks he made on Twitter should prompt employers to reconsider whether they have the right to discipline employees or contractors for what they do outside of the work environment.
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Blog
Aon recruits ex-Goldman Sachs CCO for board of directors
Financial services provider Aon announced the appointment of former Goldman Sachs Chief Compliance Officer Sarah Smith to its board of directors.
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News BriefKPMG fined $1.1M for admitted deficiencies in Luceco audit
Big Four audit firm KPMG and one of its former directors were disciplined by the U.K. Financial Reporting Council regarding eight admitted breaches of relevant requirements in their fiscal year 2016 work at lighting and wiring product distributor Luceco.
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PremiumWyelands Bank case warrants extra scrutiny post-SVB collapse
The details of the Prudential Regulation Authority’s case against Wyelands Bank and the business coming from the group of companies that owned it raise questions about the risks such exposure causes to financial institutions, their customers, and the sector at large.
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News BriefTikTok fined $15.9M for violations of U.K. GDPR
Social media platform TikTok was fined £12.7 million (U.S. $15.9 million) by the U.K. Information Commissioner’s Office for using the personal data of children without parental consent and other violations of data protection mandates.
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Premium‘An unexpected stress test’: European banks weathering storm of U.S. failures
Except for Credit Suisse’s demise, Europe has so far largely patted itself on the back for preventing further contagion in the banking sector following the failures of Silicon Valley Bank, Silvergate Bank, and Signature Bank in the United States.
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News BriefWilliam Hill fined record $23.7M for social responsibility, AML failures
The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.
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News BriefU.K. moves forward with GDPR reform bill
The U.K. government formally introduced a bill to reform the country’s data privacy laws in a manner projected to save British businesses “billions.”
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Blog
Deloitte promotes ethnicity leader to U.K. chief sustainability officer
Big Four audit firm Deloitte announced the promotion of Smruti Naik-Jones as its first U.K. chief sustainability officer.
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News BriefPwC fined $6.6M over Babcock International, Devonport audit breaches
The U.K. Financial Reporting Council fined Big Four firm PwC more than £5.6 million (U.S. $6.6 million) for failing to challenge management, obtain sufficient evidence, and follow basic requirements while conducting audits of a British defense contractor and its subsidiary.
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ArticleCorporate conformity and ‘blame culture’
Conformity can be a powerful force for good, but the same urge to conform can also lead to a toxic culture with an unhealthy atmosphere for employees and customers alike.
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PremiumU.K. push for GDPR reprimand transparency draws mixed reviews
The U.K. Information Commissioner’s Office began publishing the details of cases where organizations breached the General Data Protection Regulation but were not fined. Legal experts share their take on the initiative.