Corporate Crime & Compliance UK

  • December 19, 2024

    UK Private Stock Market May Fail To Attract Investors, Firms

    A world-first regulated market that the U.K. government has proposed for private companies to trade shares might fail to offer enough of an incentive to attract firms and investors.

  • December 19, 2024

    BT Defeats £1.3B Class Action In Setback For Consumers

    Telecoms operator BT defeated on Thursday a £1.3 billion ($1.6 billion) class action brought on behalf of three million landline customers in the first substantive ruling deciding a U.K. collective proceedings order claim.

  • December 18, 2024

    Skat Fights To Bring New Cum-Ex Fraud Case Against Broker

    The Danish tax authority argued at a London appeals court on Wednesday that it should not be blocked from bringing fresh tax fraud claims against an English brokerage, contending that the claims cover new material not already decided in earlier proceedings.

  • December 18, 2024

    Manager Unfairly Fired After Exposing Fraud At Leeds Charity

    A charity worker has won her unfair dismissal case after an employment tribunal ruled higher-ups at a charity based in Leeds demoted and then fired her for sharing confidential information about colleagues without properly investigating the claims.

  • December 18, 2024

    FCA Charges WealthTek Partner With £64M Fraud

    The Financial Conduct Authority on Wednesday said it has charged a former partner of wealth management firm WealthTek LLP with fraud, saying he transferred over £64 million ($81.3 million) from client accounts to ones he controlled.

  • December 18, 2024

    University Human Rights Report Was Defamatory To Supplier

    A university report into apparel supply chains that linked some of the suppliers to human rights abuses against China's Uyghur minority and other groups had a defamatory meaning, a judge has found.

  • December 18, 2024

    EU Court Rejects Latest Challenge To Portugal's Tax Clawback

    A European court rejected a Brazilian-based company's challenge Wednesday to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.

  • December 18, 2024

    Tech Biz Unfairly Fired CEO For Whistleblowing On China Deal

    A British semiconductor company unfairly sacked its chief executive after he blew the whistle on the risks of relocating the company's headquarters to China in return for investment, a tribunal has ruled.

  • December 18, 2024

    Police Can Seize £2.6M From Influencers Over Unpaid Tax

    Police can seize £2.6 million ($3.3 million) in unpaid taxes from internet influencer Andrew Tate and his brother Tristan Tate over millions they made from online businesses, a London court ruled Wednesday.

  • December 18, 2024

    FCA's 2024 Consumer Focus Still Has Firms Guessing

    The Financial Conduct Authority shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

  • December 18, 2024

    Group Says Craig Wright In Contempt For £900B Bitcoin Claim

    Cryptocurrency developers argued in a London court Wednesday that Australian computer scientist Craig Wright should be found in contempt of court for asserting he had invented bitcoin in an approximately £900 billion ($1.144 trillion) claim after a judge ruled that he had repeatedly lied about creating the digital currency.

  • December 18, 2024

    UK Sees 'Merit' In Costs Cap For Agencies Pursuing Oligarchs

    The government said Wednesday that it will consider the introduction of legislation to cap the legal costs law enforcement are liable to pay defendants in unsuccessful civil proceedings, potentially shielding agencies from the financial brunt of failed cases against deep-pocketed kleptocrats.

  • December 18, 2024

    UK Must Address Regulatory Bias Toward Risk, ABI Says

    Regulation in the U.K. has become heavily weighted toward risk rather than growth and its "structural bias," which creates layers of rules in the financial services sector, must be tackled, the Association of British Insurers said Wednesday.

  • December 18, 2024

    Briton Can Appeal S. African Extradition In £36M Bribery Case

    A Briton wanted in South Africa over an alleged £36 million ($46 million) government bribery scandal has been granted permission to appeal against his extradition after a London court found that recent legal developments in the African country could mean it is an abuse of process.

  • December 17, 2024

    NI Journalists Win Surveillance Claim Against Police

    Two Northern Irish journalists won their claim against two U.K. police services Tuesday when a London tribunal ruled that Northern Irish and London police had unlawfully spied on them, awarding them £4,000 ($5,083) in damages and quashing a surveillance order against the two men.

  • December 17, 2024

    Gov't Ignores Calls For Redress Over State Pension Failings

    The Labour government said on Tuesday it will not compensate women affected by historical failures to inform them that their retirement age had changed, in a move campaigners called an "unprecedented political choice" set to have long-term repercussions.

  • December 17, 2024

    MI5 Wins Case Against Lawyer Accused Of Being Chinese Spy

    A solicitor accused of being a Chinese spy has lost her legal challenge against MI5, after a tribunal found Tuesday that the U.K. security service acted lawfully when it warned parliamentarians that she was trying to interfere with the political process.

  • December 17, 2024

    Broker Banned For 'Lack Of Integrity' Over Indemnity Risk

    The director of a mortgage broker who demonstrated a "lack of integrity" has been banned and must pay a £10,000 ($12,700) fine after a London appeals court ruled Tuesday that he recklessly risked his company operating without professional indemnity insurance.

  • December 17, 2024

    Osborne Clarke Pro Denies Trying To Block Zahawi Scrutiny

    A partner with Osborne Clarke LLP who represented Nadhim Zahawi has denied trying to prevent the former Conservative chancellor from facing scrutiny over his tax affairs by sending an allegedly threatening letter to a blogger, as he testified at a disciplinary tribunal on Tuesday.

  • December 17, 2024

    UK Broker Fights New Danish Cum-Ex Fraud Allegations

    An English brokerage argued at the Court of Appeal on Tuesday that Danish authorities should be barred from bringing new tax fraud claims against it because the court has already thrown out a case that turns on the same fundamental question.

  • December 17, 2024

    Ireland Could Lose €15B Due To Trump, Central Bank Warns

    The Irish government could lose up to €15 billion ($15.7 billion) of this year's corporate tax surplus if the incoming U.S. administration changes policy, the Central Bank of Ireland warned Tuesday.

  • December 17, 2024

    Campaigners Win Right To Publish SFO Bribery Trial Docs

    A British anti-corruption charity has won the right to publish the full transcript from a criminal trial that implicated the U.K. government in bribery as a judge ruled on Tuesday that the courts should not interfere with editorial discretion.

  • December 17, 2024

    FCA Bans Director, Adviser Over 'Flawed' Pensions Advice

    The City watchdog has banned a company director and pensions adviser from the financial services sector for giving "fundamentally flawed" guidance that jeopardized consumer retirement savings.

  • December 17, 2024

    UK To Compensate Postmasters For Pre-Horizon IT Errors

    Postmasters affected by accounting errors dating from before the Horizon IT scandal will be awarded compensation, the government said on Tuesday.

  • December 17, 2024

    SFO Makes Arrest As Probe Into Failed TV Sports Co. Widens

    Britain's anti-fraud enforcer said Tuesday that it has arrested a third individual in connection with its investigation into a TV sports company that fell into administration in late 2021 after administrators uncovered a £280 million ($355 million) hole in its finances.

Expert Analysis

  • FCA 'Finfluencer' Trial Exposes Social Media Promo Risks

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    The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.

  • Appeal Ruling Clarifies 3rd-Party Contract Breach Liability

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    The Court of Appeal's recent decision in Northamber v. Genee World serves as a warning to parties that they may be held liable for inducing another party to breach a contract, even if that party was a willing participant, say Neil Blake, Maura McIntosh and Jennifer O'Brien at HSL.

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • EU Directive Significantly Strengthens Enviro Protection

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    The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.

  • How Revision Of The EU Works Directive May Affect Cos.

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    The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.

  • What The New Digital Markets Bill Will Mean For Companies

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    The recently passed Digital Markets, Competition and Consumer Bill will bring significant reform to U.K. merger control and antitrust rules for all businesses, but the introduction of a strategic market status regime and its reporting obligations means large tech organizations in particular need to think carefully about the forthcoming changes, say lawyers at Linklaters.

  • EU's AI Act: Pitfalls And Opportunities For Data Collectors

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    The European Union’s new Artificial Intelligence Act entails explicit requirements and limitations throughout the AI value chain that might affect firms directly or indirectly dealing with AI development, such as data-as-a-service companies and web scraping providers, says Denas Grybauskas at Oxylabs.

  • FCA Doubles Down On New Priorities With Target ID Plan

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    Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.

  • Insurance Ruling Stresses High Hurdle To Fix Policy Wording

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    In Project Angel v. Axis, the Court of Appeal recently refused to rewrite the exclusion clause of an insurance policy, reminding parties in the warranty and indemnity market to carefully word clauses, as there is a high threshold before courts will intervene to amend policies, say Joseph Moore and Laura McCann at Travers Smith.

  • CMA Reports Signal Tighter Scrutiny Of AI Model Markets

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    The Competition and Markets Authority’s recent reports on artificial intelligence foundation models suggest that competition in AI is not working as it should, so large digital firms can expect the regulator to use its full toolbox as it continues to monitor and investigate the sector, say lawyers at Cooley.

  • Taking Stock Of Changes UK Economic Crime Act Will Bring

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    With more than six months since the Economic Crime and Corporate Transparency Act's enactment, it is time to look at the steps organizations can take to prepare for imminent changes, including the new failure to prevent fraud offense and extensions to Companies House authority, say lawyers at Mayer Brown.

  • Examining Senior Managers' Accountability For AI Use

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    With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.

  • FCA Brokerage Changes Offer Asset Managers Wider Options

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    The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.

  • What Cos. Should Know About The EU Greenwashing Rules

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    The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.

  • Sanctions Ruling Opens Door For Enforcer To Clear Up Rules

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    In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.

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