Bank of England report: ’Need to improve’ private equity risk management
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Argenta appoints group risk chief
Insurance company Argenta Holdings Limited announced the appointment of Niranjan Nathan as group chief risk officer.
Reignited calls to tighten up AML in London, crown dependencies
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
Big Tech data for finance: Will FCA plans set trend?
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
Experts express skepticism toward ‘challenging’ SFO strategy
The U.K. Serious Fraud Office last month published its five-year strategic plan outlining how it intends to improve information gathering and international cooperation, as well as its enforcement record.
HSBC fined $8M by FCA for mishandling customers in default
The U.K. Financial Conduct Authority fined HSBC nearly £6.3 million (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
Citi unit fined $78.6M by U.K. regs for trading control failures
The Financial Conduct Authority and Prudential Regulation Authority combined to fine a London-based Citigroup subsidiary approximately £61.7 million (U.S. $78.6 million) for control failures related to its trading system.
Survey: Social media remains vexing issue for financial firms
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
Crowe U.K. dinged $181K by FRC for Aseana Properties audit failures
Crowe U.K. was assessed a penalty of £144,000 (U.S. $181,000) by the U.K. Financial Reporting Council for failures in its audit of Aseana Properties Limited’s financial statements for the year ended Dec. 31, 2019.
Crypto insurer Meanwhile transitions CCO to senior adviser
Meanwhile, a Bitcoin life insurance company, announced Chief Risk and Compliance Officer Annie Tay will transition to senior adviser.
FRC fines PwC, EY for London Capital & Finance audit failings
Big Four firms PwC and EY were each penalized by the Financial Reporting Council for alleged shortcomings during their respective audits at collapsed investment firm London Capital & Finance.
Lloyds decision to cut risk staff draws criticism, defenders
Lloyds Banking Group is cutting jobs in its risk management function after an internal review reportedly found it was a “blocker” to the organization’s strategic transformation.
U.K. regs up pressure on debt collection practices
Debt collection has become a hot topic as U.K. regulators pile pressure on utilities and financial services companies to improve how they treat customers in arrears.
Wirecard whistleblower laments EU speak-up protection inconsistencies
The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.
Accountancy bodies urge ethical behavior amid exam cheating scandals
Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.
FCA exploring how Big Tech data can aid financial services
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
ENODA appoints general counsel
Energy technology company ENODA announced the appointment of Aniela Foster-Turner as general counsel.
FCA publishes guidance on anti-greenwashing rule
The U.K. Financial Conduct Authority issued new guidance on how to comply with its upcoming anti-greenwashing rule, which is set to take effect May 31.
Report: Poor awareness of supply chain disclosure regs leaving firms exposed
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
SFO outlines five-year strategy amid ‘increasing pace of change’
The U.K.’s Serious Fraud Office said in a five-year strategic plan it’s “struggled to keep pace with demand” as ballooning casework shows no signs of slowing down.
Focused on consumer privacy? Don’t forget employees’ rights
The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.
U.S., U.K. ban new Russian metal imports
The U.S. Treasury Department, in coordination with the United Kingdom, is clamping down harder on Russia’s ability to wage war against Ukraine by banning the import of Russian-origin aluminum, copper, and nickel.
Grant Thornton UK dinged $51K for pension fund audit lapses
Grant Thornton UK was assessed a penalty of £40,000 (U.S. $51,000) by the Financial Reporting Council for alleged procedure failures affecting the firm’s audit of a local authority’s pension fund.
U.K. border controls on EU goods evoke supply chain disruption concerns
The imposition of full border controls on goods entering the United Kingdom from the European Union will affect importers and their EU suppliers, and both are advised to prepare for increased checks, possible delays, and new charges.
U.K. sets recommendations to address misogyny in finance
Sexism, sexual assault, and bullying are rife at financial services organizations, according to a recent report by the U.K. Treasury Committee. “The government and financial regulators have important roles to play in driving change,” the committee said.
Cineworld Group announces general counsel
Theater company Cineworld Group announced the appointment of John Henrich as general counsel.
ICO primed for enforcement increase behind new fining guidance?
The Information Commissioner’s Office updated its data protection fining guidance to provide companies with greater transparency and clarity about how and why it would issue penalties for a breach of the U.K. General Data Protection Regulation or Data Protection Act 2018.
Butterfield names general counsel, group legal chief
The Bermuda-based Bank of N.T. Butterfield & Son Limited announced the appointment of Simon Des-Etages to general counsel and group chief legal officer.
Privacy by design a silver bullet for stemming AI risks?
The proliferation of artificial intelligence technologies—and their reliance on publicly available data—has reinforced the need for tech developers and the companies using their solutions to ensure privacy by design and by default is at the crux of any offering.
Zodia Custody appoints legal chief
U.K.-based digital asset custodian Zodia Custody appointed Azmina Keshani as chief legal officer.
SFO launches probe into collapsed Carlauren Group
The U.K. Serious Fraud Office announced two raids and three arrests coinciding with the launch of an investigation into collapsed property developer Carlauren Group.
PPRO announces chief legal, risk, and compliance officer
Local payments platform PPRO announced the appointment of Selene Brett as chief legal, risk, and compliance officer.
FCA fines financial adviser $1.1M over British Steel advice, oversight lapses
The U.K. Financial Conduct Authority fined Inspirational Financial Management nearly £900,000 (U.S. $1.1 million) regarding alleged failures in advice and oversight provided to customers who were primarily members of the British Steel Pension Scheme.
SFO director support for whistleblower incentives enough to drive change?
When Nick Ephgrave of the Serious Fraud Office said in his maiden speech he favored paying whistleblowers in exchange for information, he might not have been fully aware of the implications, according to legal experts.
Top brands shamed for U.K. minimum wage failings ahead of hike
The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage, ahead of wage hikes for certain workers that will take effect April 1.
ClearBank UK promotes risk and compliance chief to CEO
ClearBank announced Emma Hagan, chief risk and compliance officer, was appointed chief executive officer of ClearBank UK.
FCA warns CEOs over firm AML failings
The U.K. Financial Conduct Authority warned the chief executive officers of approximately 1,000 financial institutions it supervises regarding common failures in anti-money laundering procedures it observed during recent assessments.
KPMG fined $1.9M by FRC over M&C Saatchi audit lapses
KPMG agreed to pay a reduced penalty of nearly £1.5 million (U.S. $1.9 million) assessed by the U.K. Financial Reporting Council addressing admitted failings in the Big Four audit firm’s financial year 2018 work at advertising services company M&C Saatchi.
Best practices for determining need for a human rights policy
Does your business need a human rights policy? An increasing number of organizations believe they do, according to research firm Gartner.
FCA vows transparency, faster case outcomes in new enforcement strategy
The U.K. Financial Conduct Authority will rein in its enforcement focus and commit to providing more updates on its ongoing investigations as part of a revamped strategy designed to quicken the pace and increase the deterrent impact of its cases.
FCA calls attention to continued trade manipulation tactics
Financial firms continue to flout rules designed to protect investors from being misled about the true value of financial products, according to a recent bulletin from the U.K.’s Financial Conduct Authority.
Experts: No easy fix for U.K. senior manager accountability shortcomings
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.
Lloyds discloses FCA probe into AML controls
Lloyds is the latest U.K. financial institution being probed by the Financial Conduct Authority regarding its anti-money laundering control framework.
Avast to pay $16.5M in FTC case over deceptive data selling
The Federal Trade Commission proposed Avast pay $16.5 million and be prohibited from selling any browser data to settle charges the software provider sold consumer information to third parties after promising it would not.
Barclays says FCA probe into AML controls closed
Barclays Bank disclosed an investigation by the U.K. Financial Conduct Authority into the bank’s anti-money laundering controls has closed without a penalty.
Lloyd’s appoints general counsel
Lloyd’s, a marketplace for insurance and reinsurance, announced Claire Schrader as general counsel, a role she has been performing on an interim basis since August.
U.K. labor shortage stakes up following tripled illegal worker fines
Fines for employing people who do not have a legal right to work in the United Kingdom have risen, meaning employers who fail to carry out the required checks or neglect to re-examine the status of those on temporary work visas could face substantial penalties.
SFO raids kick off probe into collapsed Signature Group
The U.K. Serious Fraud Office carried out several residential raids as it announced the launch of a criminal investigation into collapsed property investment firm Signature Group.
Q&A: ManpowerGroup compliance director on CSRD prep efforts
James Levey, compliance director at global recruitment agency ManpowerGroup, discusses with Compliance Week his focus on preparing the group’s European operations to gather the data required for compliance with the EU’s Corporate Sustainability Reporting Directive.
Verifiable data key as companies begin TNFD-aligned disclosures
More than 320 organizations worldwide committed to disclosing their impact on nature following the recommendations of the Taskforce on Nature-Related Financial Disclosures.