United Kingdom

 

Financial Conduct Authority

Premium

Criticism mounts against FCA amid growing calls for regulatory reform

2024-12-19T16:18:00+00:00By

When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.

Financial Conduct Authority

News Brief

FCA apologizes for mishandling fraud allegations against Collateral

2024-12-19T16:17:00+00:00By

The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.

London cityscape

Premium

U.K. can’t shake reputation of being a conduit to individual, institutional money laundering

2024-12-13T14:55:00+00:00By

London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.

British pounds

Premium

Overabundance of U.K. AML regulators stretching enforcement resources thin, experts say

2024-12-12T19:59:00+00:00By

The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.

Blog

Equiom appoints chief risk officer

2024-12-12T08:51:00+00:00By

Equiom, which supports international corporations, high net worth individuals and families worldwide, announced the appointment of Naveed Shah as chief risk officer.

tips_web

Premium

Check, please! Tipped employee compensation in spotlight amid U.K., U.S. ‘fair’ pay debate

2024-12-10T17:23:00+00:00By

Earlier this year, amid then-Republican presidential candidate Donald Trump’s campaign promise to end taxes on tips in the U.S., the U.K. government introduced a new law to ensure that all tips are paid in full to staff, regardless of whether they were given in cash or by credit card.

sanctions_screening_web

Premium

Evolving sanctions rules make continuous screening, due diligence essential in 2025

2024-12-05T13:00:00+00:00By

The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.

Global sanctions

Premium

U.K., EU enforcement regimes set to escalate, but critics question sanctions’ effectiveness

2024-12-04T16:32:00+00:00By

With a new political regime ready to take over in the U.S., the effectiveness of sanctions against malign foreign actors like Russia, North Korea, and Iran have come into question. While the European Union and U.K. have increased sanctions pressure, critics have publicly asked: Is it enough?

Blog

Reassured names risk, compliance chief

2024-11-28T09:08:00+00:00By

Life insurance broker Reassured appointed Philip Byrne as the new chief risk and compliance officer.

Blog

HSBC appoints interim group risk, compliance chief

2024-11-28T05:56:00+00:00By

HSBC appointed Richard Blackburn as interim group chief risk and compliance officer. It was also announced that Julian Wentzel will be the interim group chief sustainability officer.

thumbnail_Boeing_Safety

Premium

Top E&C fails of 2024: Boeing, TD Bank, RTX/Raytheon on compliance naughty list

2024-11-27T15:09:00+00:00By

The biggest Compliance Fails of 2024 show the real-world consequences of noncompliance for the companies that faltered, but also for their customers and their employees.

macquarie_bank_web

News Brief

FCA fines Macquarie Bank $16M for control failures that allowed fake trades

2024-11-26T19:59:00+00:00By

The U.K. Financial Conduct Authority fined the London branch of Australian-based Macquarie Bank Limited more than 13 million pounds (U.S. $16.3 million) for “serious control failures” that allowed a trader to conceal hundreds of fictitious trades over a 20-month period.

Thales_web

News Brief

French defense contractor Thales Group under investigation for bribery in Asia

2024-11-26T17:29:00+00:00By

French defense and aviation contractor Thales Group is under investigation by authorities in the U.K. and France for allegedly participating in bribery and corruption.

ai_governance_web

Premium

Good AI governance starts with proactive, continuous risk assessments

2024-11-21T16:25:00+00:00By

Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.

Blog

Optio adds first group risk chief

2024-11-14T08:26:00+00:00By

Optio Group announced the appointment of Insi Davenport to the newly created executive role of group chief risk officer.

Blog

Mestag Therapeutics names GC

2024-11-14T08:07:00+00:00By

Biotech company Mestag Therapeutics announced that it has appointed Alison Hood as general counsel.

metro_bank_web

News Brief

FCA slaps Metro Bank with $21M fine for inadequate AML monitoring

2024-11-12T20:55:00+00:00By

The U.K. Financial Conduct Authority has fined Metro Bank 16.6 million pounds (U.S. $21 million) for an alleged failure by its automated system to adequately monitor money laundering risks.

russia-final

News Brief

U.K. sanctions 56 entities connected to Russia’s 'war machine'

2024-11-08T14:43:00+00:00By

The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.

Blog

Browne Jacobson announces first GC

2024-11-07T07:21:00+00:00By

Law firm Browne Jacobson announced the appointment of Oliver Sweeney as its first general counsel.

Blog

1inch appoints new compliance chief

2024-11-07T06:56:00+00:00By

Crypto trading firm 1inch announced the appointment of Hedi Navazan as the group’s new chief compliance officer.

UK compensation

Premium

U.K. Employment Rights Bill triggers debate over flexibility vs. exploitation

2024-10-30T19:25:00+00:00By

Contract workers’ rights are in the spotlight in the U.K. and some EU countries as governments seek to end exploitative practices by eliminating zero-hours contracts, much to the chagrin of some business leaders.

Blog

LGT Wealth Management appoints first CSO

2024-10-25T14:07:00+01:00By

LGT Wealth Management has named Phoebe Stone as its chief sustainability officer (UK).

Blog

Premium Credit announces risk chief

2024-10-24T12:29:00+01:00By

Premium Credit announced the appointment of Rohit Ghai as its chief risk officer.

Blog

Watkin Jones appoints legal chief

2024-10-21T17:30:00+01:00By

Watkin Jones, a developer and manager of residential for rent, announced that the group has appointed Adam McGhin as its new chief legal officer and company secretary.

Blog

GCL appoints chief legal officer

2024-10-17T11:28:00+01:00By

Luxury goods logistics provider GCL announced the appointment of Caren Yeamans as chief legal officer.

CWE_Day_2_5

Event

Photo gallery: Compliance Week Europe 2024

2024-10-15T20:40:00+01:00By

Compliance Week Europe, held Oct. 15-16 in Amsterdam in partnership with our sister organization the Internation Compliance Association, gathered more than 200 GRC professionals across industries. Check out some of the sights from the event.

Financial Conduct Authority

News Brief

FCA fines TSB $14.2M for poor treatment of financially strapped retail customers

2024-10-15T19:28:00+01:00By

TSB Bank has been fined 10.9 million pounds (U.S. $14.2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans, and overdraft accounts, the Financial Conduct Authority said.

AI_data_privacy

Premium

Control and delete: How regulators can shutdown companies’ AI investments

2024-10-11T19:20:00+01:00By

Companies are increasingly putting their faith in AI to realize the kind of business benefits that the technology seems to promise, but they are also opening themselves up to new and potentially crippling sanctions if they are unable to answer questions that surround how AI operates.

UK_Sanctions_web

Premium

New U.K. enforcement body piles pressure on sanctions evaders

2024-10-03T16:02:00+01:00By

Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.

Starling_Bank_Web

News Brief

Starling Bank fined $38.5M for repeatedly onboarding high-risk customers

2024-10-02T18:22:00+01:00By

The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.

Meta building

News Brief

Irish DPC fines Meta $102M over GDPR violation linked to improper storage of passwords

2024-09-27T22:30:00+01:00By

The Irish Data Protection Commission fined Meta Ireland 91 million euros (U.S. $102 million) for multiple violations of the European Union’s General Data Protection Regulation related to the inadvertent storage of user passwords without encryption.

AI_moneybag

Premium

AI misuse could lead to sanctions from multiple regulators, experts warn

2024-09-27T16:22:00+01:00By

The proliferation of AI, as well as the promised business cases promoting its use, has led companies around the world to quickly invest in the technology. Executives hope these AI tools will improve efficiencies, reduce costs, and help them stay competitive. But it could lead to just the opposite.

AAR_Corp_web

News Brief

AAR Corp. discloses former exec implicated in Nepal, South Africa FCPA violations

2024-09-25T20:22:00+01:00By

Aviation maintenance services provider AAR Corp. disclosed that several former employees may have bribed officials in Nepal and South Africa to win contracts, and chose to self-report violations of the Foreign Corrupt Practices Act to authorities in the U.S. and U.K.

Barclays

Premium

Barclays is axing its bonus caps. Is it also ditching good governance?

2024-09-23T18:50:00+01:00By

Four years post-Brexit, London-based Barclays became the first British bank to scrap bonus caps for its traders that were meant to curb excessive risk-taking with client cash, improve corporate governance, and restore faith in an industry most working people still hold responsible for 15 years of economic misery. 

Blog

Unipart names chief sustainability officer

2024-09-19T07:03:00+01:00By

Unipart, a supply chain solutions and performance improvement technologies partner, appointed Andy Pyne as chief sustainability officer.

costa_coffee_web

Premium

‘Tick-box’ training leads to tragic outcome in Costa Coffee allergen case

2024-09-17T16:16:00+01:00By

Company training has always been equal parts important and annoying. But a recent inquest found some eLearning courses fail to warn companies when employees struggle through education and testing. For 13-year-old Hannah Jacobs, the consequences ended with her death.

Budweiser Budvar_web

Premium

Budweiser Budvar registration failures show ESG impacts of U.K. noncompliance

2024-09-16T18:14:00+01:00By

Most businesses think more about their products than what they come wrapped in, but a recent U.K. penalty against Czech brewery Budweiser Budvar indicates packaging is an increasingly important element in sustainability regulations.

Greenwashing

News Brief

FCA delays compliance date for certain parts of ESG rule package

2024-09-10T19:11:00+01:00By

The U.K. Financial Conduct Authority is pushing back the date for some firms to comply with its naming and marketing rule amid struggles to prepare for it, the FCA said Monday.

U.K. money laundering

Premium

Experts warn U.K. money laundering cases to ‘significantly increase’

2024-09-06T12:00:00+01:00By

The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.

Blog

Renishaw announces group GC

2024-09-05T13:13:00+01:00By

Global engineering technologies company Renishaw appointed Kasim Hussain as its new group general counsel and company secretary.

Blog

Wordsmith appoints general counsel

2024-09-05T13:11:00+01:00By

Wordsmith, an AI-powered workspace for in-house legal teams, announced the appointment of Lucy Tyrrell as general counsel.

Blog

CMR Surgical names legal chief

2024-09-04T14:19:00+01:00By

CMR Surgical announces the appointment of Markus Bauman as chief legal & business affairs officer.

Oil barrels

News Brief

Pham cries CFTC overreach against compliance officer in $48M fine of TOTSA

2024-08-29T16:09:00+01:00By

The Commodities Futures Trading Commission fined TOTSA TotalEnergies Trading $48 million for allegedly engaging in price manipulation, with Commissioner Carolyn Pham defending a compliance officer at the Swiss energy company accused of making false statements.

russia_UK_web

Premium

Report: U.K. sanctions enforcement against Russia lacking since invasion of Ukraine

2024-08-28T16:03:00+01:00By

Sanctions imposed against Russia following the 2022 invasion of Ukraine are being undermined by the U.K.’s poor track record of enforcement, according to a report by campaign group Spotlight on Corruption.

Whistleblower

Premium

U.K. whistleblower protections, awards needed to compensate ‘career suicide’

2024-08-23T15:47:00+01:00By

Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”

navex new 300x200

Webcast

CPE Webcast: UK Worker Protection Act: Safeguarding rights and responsibilities

2024-08-22T11:00:00+01:00Provided by

This webinar will deep dive into the UK Worker Protection Act, ensuring you know the key facts and advise you on the next steps.

Ampadu_web

Premium

Q&A: APCC chair on culture challenges facing financial services firms

2024-08-21T15:29:00+01:00By

Julie Ampadu, chair of the U.K.’s Association of Professional Compliance Consultants, spoke to Compliance Week about why culture is the biggest issue facing financial services firms.

PwC building

News Brief

FCA fines PwC $19.5M for failing to report fraud at London Capital & Finance

2024-08-20T18:56:00+01:00By

PricewaterhouseCoopers agreed to pay 15 million pounds (U.S. $19.5 million) for failing to report suspicions of fraud taking place at investment firm London Capital & Finance before it collapsed, the Financial Conduct Authority announced.

UK_Court_of_Appeal

Premium

U.K. forced labor ruling raises bar for supply chain monitoring

2024-08-19T14:32:00+01:00By

Companies will need to tighten up how they monitor their supply chains after a recent U.K. ruling determined that corporates could be open to money laundering charges if they fail to act in cases where they believe there is a risk of forced labor.

Financial Conduct Authority

Premium

Experts warn FCA review prompts firms to declassify or retain PEPs

2024-08-15T17:44:00+01:00By

The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.