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Corporate Crime & Compliance UK
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November 14, 2024
UK Unveils Plan To Roll Back Post-Financial Crisis Safeguards
The U.K. government said on Thursday that it is launching reforms to drive economic growth and competitiveness in financial services by rebalancing a regulatory regime that is focused more on minimizing risk.
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November 14, 2024
EC Challenges German Capital Gains Tax In EU High Court
The European Commission said Thursday that it is referring Germany to the Court of Justice of the European Union over the commission's claims that the country's capital gains tax of certain real estate transactions infringes on the free movement of capital.
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November 14, 2024
Ex-BDO Auditor Gets 20-Year Ban For 'Serious' Misconduct
A former BDO auditor has been banned from the accountancy profession for two decades after the sector's watchdog said Thursday she acted with "sustained dishonesty" by forging signatures and other official documents over a five-year period.
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November 14, 2024
European Police Detain 43 Suspects In €520M VAT Fraud
European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.
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November 14, 2024
Developer Loses Bid To Duck £780K Investor Loan Repayment
A property developer has lost his bid to avoid repaying a £780,000 ($990,000) loan to real-estate investors, as a London appeals court rejected on Thursday his case that he was bullied into signing a personal guarantee.
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November 14, 2024
Standard Setter Warns Watchdogs To Address AI Risk Better
A global standard setter warned Thursday that artificial intelligence might amplify vulnerability in the financial sector and damage market stability, telling regulators to improve data-led monitoring.
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November 14, 2024
Meta Fined €798M For Tying Marketplace Ads To Facebook
The European Union's antitrust watchdog hit Meta Platforms Inc. with a €797.8 million ($841 million) fine Thursday for giving its Facebook Marketplace an unfair advantage over rival online classified ads services by automatically showing postings to its social media users.
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November 14, 2024
LC&F Systematically Misled Investors In £237M Ponzi Scheme
London Capital & Finance misrepresented its business in a "widespread, fundamental and systematic way" and was run as a £237 million ($300 million) Ponzi scheme, a judge concluded at a London court on Thursday.
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November 13, 2024
PrivatBank Says Ukraine Ruling Doesn't Bar Looting Suit
An attorney for Ukraine's PrivatBank urged a Delaware vice chancellor Wednesday to reject arguments that the bank's multibillion-dollar fraud and unjust enrichment loan claims against two oligarchs and others were undone by an allegedly narrow Ukrainian high court ruling in favor of the borrowers.
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November 13, 2024
Apple Faces £3B UK Class Action Over ICloud Monopoly
Apple is facing another competition claim accusing the iPhone maker of unlawfully monopolizing the market for cloud storage after a campaign group announced plans on Thursday to spearhead a £3 billion ($3.8 billion) U.K. class action.
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November 13, 2024
Ex-CBA Chief Sexually Exploited Law Students, BSB Says
The English barristers regulator told a disciplinary tribunal Wednesday that Jo Sidhu KC, former chair of the Criminal Bar Association, abused his power and influence to sexually exploit young women aspiring to be lawyers.
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November 13, 2024
UK Fights To Keep Sanctions On Banking Oligarch's Wife
The U.K. government urged a London appellate court to uphold a ruling that maintained sanctions on a Ukrainian-Russian tycoon's wife, arguing that she was "plainly associated" with her husband, who has ties to Vladimir Putin.
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November 13, 2024
Pension Watchdog Lays Out Law For New Collective Schemes
The retirement savings watchdog set out on Wednesday how it will intervene if a new generation of collective pension plans are not being properly run, warning that it will act if it sees a risk to savers.
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November 13, 2024
Watchdog Mulls Extension For Motor Financing Complaints
Britain's financial watchdog said Wednesday it plans to consult on extending the time motor finance firms have to respond to consumer complaints about commission arrangements, following a recent Court of Appeal ruling on non-discretionary commissions.
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November 13, 2024
FCA Admits Mishandling Of 'Name And Shame' Roll-Out
The Financial Conduct Authority conceded on Wednesday that it might have handled its announcement of controversial plans to publish names of the firms it probes and other details of investigations at an earlier stage differently after heated protests from the sector.
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November 12, 2024
Ex-CBA Chief Jo Sidhu Loses Privacy Bid In Harassment Case
The former chair of the Criminal Bar Association on Tuesday lost his bid to have a sexual harassment case against him heard behind closed doors, with a disciplinary tribunal ruling that the case should be held in public.
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November 12, 2024
Forsters, Ex-Bank Lawyer Avoid Case Of Failed Property Deal
Forsters LLP and a former Bank of Tokyo-Mitsubishi lawyer have avoided being sucked into a philanthropist's £3.5 million ($4.7 million) legal battle over a collapsed property deal.
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November 12, 2024
VistaJet Owner Loses Appeal To Block Tech Venture Claim
The Court of Appeal has rejected further efforts by the owner of one of the world's biggest private jet firms to block legal claims that he defrauded a Guernsey tech venture capital fund two decades ago.
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November 12, 2024
Young Drivers Buying Fake Insurance, Aviva Says
Nearly one in three young drivers have bought fraudulent car insurance from criminals on social media, Aviva has said, urging teenagers and early adults to treat "too good to be true" deals with suspicion despite soaring costs testing consumers.
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November 12, 2024
Biffa Sues Contractor For £2M Over Waste Scheme Tax Scam
Biffa is suing one of its contractors for £2.2 million ($2.8 million) for allegedly conspiring with two other waste management companies to disguise their waste in a scheme to secure lower tax rates.
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November 12, 2024
NHS Medic Loses Appeal Over Health & Safety Whistleblowing
A paramedic has failed to convince a London appeals judge that a National Health Service trust punished him for blowing the whistle on an emergency call handler's health and safety failings.
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November 12, 2024
BoE, Regulators Set Out Regime For Critical Third Parties
The Bank of England and other City regulators set out new rules on Tuesday for critical third parties such as cloud service providers used by finance firms to reduce the risk of failure and disruption to the market.
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November 12, 2024
New Defined Benefit Pension Funding Code Goes Live
A long-awaited funding code for defined benefit retirement savings plans in the U.K. went live on Tuesday, introducing what the pensions minister described as a "stronger set of standards" for the sector.
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November 12, 2024
FCA Strengthens Disclosure Process In Enforcement Cases
The Financial Conduct Authority has said it has improved its process for disclosing evidence to individuals and companies under investigation in regulatory enforcement cases, a move designed to cut the risk of omitting necessary documents.
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November 12, 2024
Metro Bank Fined £16M For Failed Money Laundering Controls
Metro Bank PLC has been fined more than £16.6 million ($21.2 million) for not having proper systems to detect potential money laundering activity for more than four years, the financial watchdog said Tuesday.
Expert Analysis
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AI Tools Could Enhance UK Gov't Public Services Strategy
The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.
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Taking Stock Of The Latest Criminal Court Case Statistics
The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.
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ICO Data Protection Guidance Offers Clarity On Fining Powers
New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.
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Hugh Grant Case Raises Questions About Part 36 Offers
Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.
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Investment Security Act Fine-Tune May Help Businesses
Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.