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Corporate Crime & Compliance UK
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February 27, 2025
SFO Abandons Canary Wharf Move To Bolster Operations
The Serious Fraud Office has dropped plans to move its headquarters from central London to Canary Wharf to reinvest the money into its case work, including a recently created asset confiscation unit.
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February 27, 2025
FCA Abolishes Requirement For Consumer Duty Champions
The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.
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February 27, 2025
SRA Chief Exec To Retire Amid Torrid Times For Watchdog
The solicitors' watchdog said Thursday that chief executive Paul Philip will retire after more than a decade in the job, amid a turbulent period for the watchdog that has sparked calls for changes at the top.
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February 26, 2025
Law Commission Unveils Plan To Overhaul Criminal Appeals
The criminal appeals system in England and Wales needs to be reformed to allow the wrongfully convicted to successfully challenge their convictions, an independent legal body recommended on Thursday.
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February 26, 2025
Billionaire Claims HMRC Failed To Hold Lawful Tax Inquiry
HM Revenue & Customs failed to lawfully notify the right people in its investigation of tax returns for two partnerships, counsel for a hedge fund billionaire told a London court Wednesday.
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February 26, 2025
Law Firm Denies Botching Advice On Failed Flat Purchases
A law firm has denied giving negligent advice to investors regarding their failed purchases of flats in a property development, telling a London court that they helped ensure their own downfall by not exploring how risky the deals were.
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February 26, 2025
3 Fraud Reforms You Might Have Missed In The Crime Bill
Buried in legislation designed to crack down on phone thieves and anti-social behavior in the government's new crime bill are a range of reforms intended to strengthen the hand of prosecutors as they fight economic crime.
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February 26, 2025
Ex-Pupils Pursue Group Claim Against Infected Blood School
A senior judge apologized on Wednesday to former pupils of a school at the center of an infected blood scandal over the technical nature of a court hearing to decide whether a group litigation order can be granted in a claim for damages.
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February 26, 2025
Axiom Ince Crash Sparks Tougher SRA Action Against Firms
The collapse of Axiom Ince Ltd. has "spurred" the solicitors' watchdog into taking more action against law firms over suspected dishonesty and financial misconduct, according to data published on Wednesday by accountants Hazlewoods LLP.
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February 26, 2025
Lawyer Suspended For Improper Use Of Client Account
A City solicitor who was convicted in 2023 for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office has been suspended by a tribunal for improper use of a client account.
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February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps
A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
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February 25, 2025
Austrian Bankers' Extradition Bogged Down Over Toilet Space
An English court has temporarily barred the extradition of an Austrian banker to face money laundering charges in the U.S. over a Brazilian corruption scandal, saying on Tuesday it wanted assurances that his cell would meet minimum space requirements — excluding the toilet.
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February 25, 2025
BBC Admits Falling Short On Misconduct Claims Against DJ
The BBC apologized on Tuesday for its failure to address a pattern of behavior by former radio DJ Tim Westwood after an investigation found that it had "missed opportunities" to act on concerns about his conduct, including evidence of bullying and misogynistic behavior.
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February 25, 2025
Apple Exploited App Market, Developers Say In £1.5B Trial
Apple was accused Tuesday in a £1.5 billion ($1.9 billion) London competition trial of charging app developers excessively high commissions even when they willingly agreed to pay them, in closing arguments of the first U.K. class action trial against a Big Tech company.
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February 25, 2025
Liquidators Bid To Reinstate £102M Award In Hotel Fraud Case
Britain's highest court was urged on Tuesday to find that a businessman should be ordered to pay £102 million ($129 million) in compensation after he helped a property investor spend secret profits generated from the sale of three London hotels.
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February 25, 2025
Audit Watchdog Tightens UK Accounting Guidance
The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.
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February 24, 2025
Investor Settles In $2.1B Danish Tax Fraud Case
A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.
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February 24, 2025
Denmark Argues Misrepresentation Led To £1.4B Tax Refunds
Denmark's tax authority told the High Court of Justice on Monday that it would not have paid out billions in refunds to a British trader and others accused of involvement in a fraudulent trading scheme had they not submitted forms purporting to show eligibility for tax refunds.
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February 24, 2025
Insider Traders Were 'Mini Cash Laundromat,' FCA Tells Jury
An alleged insider dealing syndicate that included a former analyst at global asset management firm Janus Henderson operated a "mini-cash laundromat," the Financial Conduct Authority told a London court on Monday.
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February 24, 2025
FCA Advice Review Findings Staves Off Mass Redress Fears
The Financial Conduct Authority said Monday in the vast majority of cases, financial advisers have carried out suitability reviews for their clients, in a finding which experts say makes fears of a "worst-case scenario" redress program less likely to materialize.
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February 24, 2025
Ex-WealthTek Partner Denies Defrauding Clients Out Of £64M
A former partner at wealth management firm WealthTek LLP denied accusations by the Financial Conduct Authority that he defrauded clients out of more than £64 million ($80.8 million) when he appeared at a London criminal court on Monday.
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February 24, 2025
Ex-Reform UK Wales Chief Accused Of Taking Russian Bribes
The former leader of Reform UK in Wales made an initial appearance at a London court on Monday over allegations that he received bribes in exchange for supporting Russian causes in speeches when he was a Member of the European Parliament.
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February 21, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Russell Brand sued by publishing house Macmillan, administrators of London Capital & Finance sue the collapsed firm's former lawyers Buss Murton Law LLP, Tesco bring a competition claim against fish suppliers, and former Entain execs sue Addleshaw Goddard over privileged information. Here, Law360 looks at these and other new claims in the U.K.
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February 21, 2025
Off The Bench: White House Hosts PGA Tour-LIV Golf Summit
In this week's Off The Bench, the two former rival pro golf tours join the president to discuss their long-delayed combination, several NBA teams support a bid for the U.S. Supreme Court to keep copyright claims in check, and prosecutors charge Chilean nationals with robbing the homes of high-profile athletes.
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February 21, 2025
Oil Co. Boss Claims $119M UAE Judgment Is Fraudulent
An oil company boss has denied owing BNP Paribas more than 436 million United Arab Emirates dirham ($119 million) under an Emirati court judgment, claiming the case was "fraudulently concealed" to prevent him from defending it.
Expert Analysis
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What UK Takeover Code's Narrowed Focus Will Mean For Cos.
In narrowing its scope of application, the U.K. Takeover Panel's forthcoming amended code will have practical implications for U.K.-registered companies and ultimately provide greater market clarity and certainty, say lawyers at Davis Polk.
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Examining UK And EU Approaches To Sanctions Enforcement
In light of the Financial Conduct Authority’s recent £28.9 million fine of Starling Bank for its lax sanctions screening processes, businesses should understand both the U.K.’s and the European Union’s enforcement approaches, the larger sanctions landscape and the importance of cooperation, says Angelika Hellweger at Rahman Ravelli.
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M&A Takeaways From 1st EU Foreign Subsidies Merger Ruling
The European Commission’s recent decision on the merger between e& and PFF Telecom is the first to approve a transaction subject to commitments under the Foreign Subsidies Regulation, serving as a helpful guide by confirming that behavioral measures ring-fencing EU activities from the potential effect of third-country subsidies are acceptable, say lawyers at Cleary.
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What New Int'l Treaty Means For Global AI Regulation
Lawyers at Bird & Bird consider how global artificial intelligence regulation will be affected by the first international AI treaty recently signed by the U.S., EU and U.K., as well as its implications for business and several issues that stakeholders should be aware of.
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Factors Driving EU Competition Policy For The Next 5 Years
Teresa Ribera Rodríguez’s recent nomination as the new European Union commissioner for competition prompts questions about policy and enforcement, with goals to enhance competition in business, implement stronger and faster enforcement, and promote and fund decarbonization likely in her sights during a five-year term, say lawyers at Linklaters.
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2 Highlights From Labour's Notable Employment Rights Bill
The Labour government’s recently unveiled Employment Rights Bill marks the start of a generational shift in U.K. employment law, and its updates to unfair dismissal rights and restrictions on fire-and-rehire tactics are of particular note, say lawyers at Covington.
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How Energy Scheme Is Affecting Large Co. Fund Investment
The latest phase of the Department of Energy and Climate Change's Energy Savings Opportunity Scheme implicates funds with investments in large companies by establishing significant and complex changes to the reporting cycle for mandatory assessments, say lawyers at Macfarlanes.
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How Companies House Enforcement Powers Are Growing
Companies House's recently increased ability to assess what material is submitted to the U.K. register of companies, and to proportionately enforce where violations have occurred, may require some degree of cultural shift within many companies, say lawyers at Greenberg Traurig.
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How New Sanctions Office Will Affect UK Trade Landscape
The recent launch of the Office of Trade Sanctions Implementation will help to create a more comprehensive civil enforcement terrain, but the potential for multiple investigations means businesses should reassess their systems to ensure they do not inadvertently incur civil liability, says Julia Pearce at Robertson Pugh.
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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Opinion
Why The UK Gov't Should Commit To An Anti-SLAPP Law
Recent libel cases against journalists demonstrate how the English court system can be potentially misused through strategic lawsuits against public participation, underscoring the need for a robust statutory mechanism for early dismissal of unmeritorious claims, says Nadia Tymkiw at RPC.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Complying With Growing EU Supply Chain Mandates
A significant volume of recent European Union legislative developments demonstrate a focus on supply chain transparency, so organizations must remain vigilant about potential human rights and environmental abuses in their supply chain and make a plan to mitigate compliance risks, say lawyers at Weil.
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.