Corporate Crime & Compliance UK

  • December 19, 2024

    FCA Apologizes To Victims Of £15M Peer-To-Peer Fraud

    The financial regulator of the U.K. on Thursday issued an apology to the victims of peer-to-peer lender Collateral (UK) Ltd., which defrauded investors of £15 million ($18.8 million) by falsely claiming the business was authorized.

  • December 19, 2024

    Motor Finance Firms Get 1 Year To Address Fee Complaints

    Britain's financial watchdog said Thursday that it has extended the time motor finance firms have to respond to consumer complaints about commission arrangements by a year, after mulling over the extension for a month.

  • December 19, 2024

    Thames Water Fined £18M For Breaking Dividend Rule

    The U.K. water regulator said Thursday that it plans to fine Thames Water £18.2 million ($22.7 million) for paying "unjustified" dividends worth £195.8 million that broke shareholder payment rules, the latest setback for the troubled utility.

  • December 19, 2024

    Retailers Lose Bid For Higher Damages Bill In Swipe Fees Trial

    Retailers taking legal action against Mastercard Inc. and Visa lost their bid on Thursday to increase their damages bill from alleged unlawful overcharging by the card companies.

  • December 19, 2024

    A Look Back At The Top UK Corporate Crime Cases Of 2024

    Julian Assange's blockbuster plea deal, which allowed the Wikileaks founder to walk free from prison, the first fine imposed by Britain's sanctions' enforcer over Russia and a landmark ruling on criminal liability in supply chains are just a few of the key cases from 2024.

  • December 19, 2024

    Osborne Clarke Pro's Email To Zahawi Critic Was 'Negotiation'

    A partner with Osborne Clarke LLP who represented Nadhim Zahawi "believed he was acting properly" when he sent an allegedly threatening email to a blogger scrutinizing the former Conservative chancellor's tax affairs, his counsel told a tribunal on Thursday.

  • December 19, 2024

    The Biggest UK Supreme Court Decisions Of 2024

    The U.K. Supreme Court in 2024 has looked into the enforcement of arbitration agreements, put an end to brand owners collecting broad trademark monopolies, galvanized climate activism and stressed the importance of solicitor-client costs agreements.

  • 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.

Expert Analysis

  • How FCA Guidance Aligns With Global Cyberattack Measures

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    The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.

  • Contractual Drafting Takeaways From Force Majeure Ruling

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    Lawyers at Cleary discuss the U.K. Supreme Court's recent judgment RTI v. MUR Shipping and its important implications, including how the court approached the apparent tension between certainty and commercial pragmatism, and considerations for the drafting of force majeure clauses going forward.

  • Takeaways From Regulators' £61.6M Citigroup Trading Fine

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    Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.

  • Factors For London Cos. To Consider If Adding US Listings

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    Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.

  • Behind The Stagecoach Boundary Fare Dispute Settlement

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    The Competition Appeal Tribunal's recent rail network boundary fare settlement offers group action practitioners some much-needed guidance as it reduces the number of remaining parties' five-year dispute from two to one, says Mohsin Patel at Factor Risk Management.

  • Assessing The Energy Act 2023, Eight Months On

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    Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.

  • Decoding Arbitral Disputes: Spanish Judicial Oversight

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    The recent conviction of arbitrator Gonzalo Stampa underscores the critical importance of judicial authority in the realm of international arbitration in Spain, and emphasizes that arbitrators must respect the procedural frameworks established by Spanish national courts, says Josep Galvez at 4-5 Gray’s Inn.

  • Opinion

    Why Timing Makes UK Libor Judgments Controversial

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    The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.

  • Tips For Orgs Using NDAs In Light Of New UK Legislation

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    The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.

  • Comparing UK, EU Digital Products Cybersecurity Approaches

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    New U.K. and EU legislation impose different cybersecurity requirements on manufacturers of connectable products, but despite its higher overall standard and holistic approach, organizations should be aware that compliance with the EU act does not necessarily mean satisfying the U.K. regime, says Christopher Foo at Ropes & Gray.

  • Lessons From Epic's Dutch Fine For Unfair Marketing To Kids

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    Dutch regulators' imposition of a €1.1 million fine on Epic Games for unfair commercial practices targeting children marks a significant moment in the ongoing scrutiny of digital market practices, and follows an increased focus on children's online safety in the U.S. and European Union, say attorneys at Crowell & Moring.

  • Risks And Promises Of AI In The Financial Services Industry

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    Generative artificial intelligence has immense potential to revolutionize the financial services industry, but firms considering its use should first prepare to show their customers and the increasingly divided international regulatory community that they can manage the risks inherent to the new technology, say attorneys at Gibson Dunn.

  • EU Anti-Greenwashing Guide Analyzed For Fund Managers

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    Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.

  • 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.

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