- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Ruth Prickett2024-03-06T18:09:00
The U.K.’s Department for Business and Trade named 524 businesses found to have failed to pay the national minimum wage (NMW).
The companies, which include well-known brands such as Estee Lauder Cosmetics, EasyJet, Greggs, and Currys, have collectively had to repay nearly 16 million pounds (U.S. $20 million) to 172,000 employees, plus additional financial penalties of up to 200 percent of their underpayment. Staffline Recruitment had the largest bill, after failing to pay approximately £5.1 million (U.S. $6.5 million) to 36,767 workers.
The company names were published together with the respective number of workers affected before the U.K. minimum wage for workers older than 21 rises to £11.44 per hour on April 1. The department’s announcement last month made it clear employers who paid less than the NMW would be liable for penalties regardless of whether they intended to underpay.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
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. ...
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
The issue of “fat cat” pay awards was reignited in the United Kingdom after a think tank found a typical FTSE 100 CEO earned the average annual salary for a full-time worker after just four days into the new year.
When the DOJ released its revised Evaluation of Corporate Compliance Programs, it turned some heads. Tucked into a section on risk assessments was a strongly worded series of questions that appeared to shoulder compliance teams with the responsibility for ensuring the safe use of AI tools by their firms.
The Department of Justice’s Evaluation of Corporate Compliance Programs has made the importance of artificial intelligence governance frameworks clear, but it didn’t say what role compliance should play. Here’s the answer.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
