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Corporate Crime & Compliance UK
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October 25, 2024
Pensions Watchdog Wants Tougher Action Against Scammers
The Pensions Regulator has urged retirement savings plans to take action to protect savers from scams as part of Scams Awareness Week, with a video campaign featuring a victim.
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October 24, 2024
LinkedIn Hit With €310M Irish Fine For Targeted Ad Practices
Ireland's data protection commission has handed down a €310 million ($335 million) penalty against LinkedIn for allegedly failing to have an adequate legal basis for processing European Union users' personal data for targeted advertising purposes, the regulator announced Thursday.
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October 24, 2024
FCA Finds Reports Of Bullying, Harassment Up Over 3 Years
The Financial Conduct Authority on Friday said it has recorded a steady rise in nonfinancial misconduct reports over the past three years, including bullying, harassment and discrimination across banks, asset managers and insurers.
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October 24, 2024
Heineken Faces €160M Claim After Dutch Market Abuse Ruling
Heineken was held jointly liable for its Greek subsidiary abusing its dominant position to hold back competitors by a Dutch court, paving the way for a rival brewery to press home its over €160 million ($173 million) antitrust claim against the beer giant.
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October 24, 2024
Union Threatens First-Ever Private Case Over Museum Strike
A trade union threatened on Thursday to launch a private prosecution against the security contractors for London's Science and Natural History museums if they hire agency workers to replace workers who plan to strike during the busiest week of the year.
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October 24, 2024
EU Court Upholds Annulment Of Intel's €1B Antitrust Fine
Computer chip giant Intel Corp. has beaten the European Commission's €1.06 billion ($1.14 billion) fine against it after the European Union's highest court ruled that a lower court could invalidate the EU administrative arm's conclusions, ending a long-running legal battle over the 2009 fine.
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October 24, 2024
UK Corporate Register Warns Of AI Threat To Enforcement
Britain's corporate register said Thursday in its first-ever strategic intelligence assessment that it will use identity verification to help clamp down on the abuse of company formations by criminals and money launderers, but that artificial intelligence poses a threat to enforcement.
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October 24, 2024
Russian Airline Kept Jets To Avoid Unrest, Lessor Exec Says
A Siberian regional airline had to retain leased aircraft after the Russian invasion of Ukraine to avoid "social unrest," an executive for one of the aircraft lessors suing their insurers told a London trial Thursday.
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October 24, 2024
Watchdog Finds Inadequacies In Consumer Credit Firms
The Financial Conduct Authority has found in a multifirm review that most consumer credit firms and nonbank mortgage lenders lack a clear view of the financial resources they consider adequate, making risk management difficult.
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October 31, 2024
Bird & Bird Taps Dutch Financial Regulation Pro
Bird & Bird LLP has hired an experienced financial regulation expert as a partner in The Hague, as the law firm looks to bolster its finance practice in the Netherlands and across Europe.
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October 24, 2024
FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite
The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.
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October 23, 2024
ECJ Won't Call Off Clawback Of Portugal's Tax Breaks
The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.
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October 23, 2024
EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work
The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.
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October 23, 2024
Ex-Business Partners Deny Deceiving Investors For £12M
Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.
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October 23, 2024
BHP Pans 'Extreme' Brazilian Law Interpretation In £36B Trial
BHP argued at a £36 billion ($46.6 billion) London trial Wednesday that it was not legally liable to more than 600,000 Brazilians for the country's worst environmental disaster, arguing it could not be held liable vicariously for the alleged wrongdoing of its joint venture.
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October 23, 2024
Firms Say FCA Could Better Encourage Innovation
The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.
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October 23, 2024
FCA Warns Investors In Novus Black Investment Fund
The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."
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October 23, 2024
SRA Taps New AML Director As Regulatory Uncertainty Looms
The Solicitors Regulation Authority said Wednesday that it has appointed a new director of anti-money laundering, as the watchdog awaits a decision from the government on whether it will continue to supervise the industry in this area.
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October 22, 2024
Patients Seek To Revive Class Action Over Google Data Use
Counsel for a group of patients urged an appeals court Tuesday to allow a claim accusing Google of misusing their health records for a kidney injury alert app to go ahead as a class action, arguing they had a reasonable expectation of privacy.
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October 22, 2024
Financial Ombudsman Beats Ex-Staffer's Whistleblowing Case
The Financial Ombudsman Service has defeated a former employee's claim that it did not offer him a new role due to his alleged whistleblowing, convincing a tribunal in a ruling released Tuesday that his emails were not protected disclosures.
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October 22, 2024
Commerzbank Urges Contempt Case Over False Assault Claim
Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.
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October 22, 2024
Director Imprisoned For Concealing £220K Tax Debt
The former director of a wholesale company has been jailed for 10 months after failing to deliver accounting records when his business went into liquidation owing more than £220,000 ($290,000), the Insolvency Service announced Tuesday.
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October 22, 2024
Food Supplier Denies It Owes Ex-Director Unpaid Commission
A food product business has said it never agreed to pay its former director £150,000 ($195,000) in commission he claims is outstanding, insisting instead that he owes over £1.1 million that he pocketed after artificially inflating suppliers' costs.
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October 22, 2024
FCA Restricts Financial Services Platform After Failings
London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.
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October 21, 2024
FCA Cracking Down On Illegal 'Finfluencing'
Britain's financial watchdog is cracking down on individuals who may be promoting financial services products illegally, announcing Tuesday that it is interviewing 20 "finfluencers."
Expert Analysis
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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EU Merger Control Concerns Remain After ECJ Illumina Ruling
The recent European Court of Justice judgment in Illumina-Grail is a welcome check on the commission's power to review low-threshold transactions, but with uncertainty persisting under existing laws and discretion left to national regulators, many pitfalls in European Union merger control remain, says Matthew Hall at McGuireWoods.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.
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Examining The EU's New Payments Services Package
Following recent European Parliament elections, the spotlight is turning to the highly anticipated payments services package expected in September, marking a pivotal moment in the legislative process that will reshape the payment services ecosystem in the European Union, says Kristýna Tupá and Karolína Hlavinková at Schoenherr.
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Examining The State Of Paccar Fixes After General Election
Following the U.K. Supreme Court's Paccar decision last year, which made many litigation funding agreements for opt-out collective actions in the Competition Appeal Tribunal unenforceable, the judiciary will likely take charge in implementing any fixes — but the general election has created uncertainty, says Ben Knowles at Clyde & Co.
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EU Reports Signal Greenwashing Focus For Financial Sector
Reports from the European Supervisory Authorities on enforcement of sustainability information, plus related guidance issued by the European Securities and Markets Authority, represent a fundamental change in how businesses must operate to maintain integrity and public trust, say Amilcare Sada and Matteo Fanton at A&O Shearman.
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GDPR 6 Years On: Key Points From EU Report
The European Commission’s recent report on the General Data Protection Regulation is clearly positive, concluding that it has brought benefits to both individuals and businesses, but stakeholders are still awaiting essential guidelines on scientific research and important business concerns remain, say Thibaut D'hulst and Malik Aouadi at Van Bael & Bellis.
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Opinion
Without Change, Fighting Fraud Is A Losing Battle For The UK
To successfully fight fraud cases in the U.K. — like the Russian Coms scam recently shut down by the National Crime Agency — it is clear there needs to be significant investment in recruiting and training expert investigators, and meaningful engagement between the country’s intelligence platforms, says Anthony Hanratty at Howard Kennedy.
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Embedding Consumer Duty: 6 Areas Firms Should Prioritize
The Financial Conduct Authority has repeatedly emphasized that complying with the Consumer Duty is not a tick-box exercise but an ongoing responsibility, so firms need to show that the duty is at the heart of their practices by staying compliant in areas from cultural change to customer vulnerability, say Nicola Higgs and Becky Critchley at Latham.
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2 UK Rulings Highlight Persistent Push Payment Fraud Issues
Two recent High Court decisions, Larsson v. Revolut and Terna DOO v. Revolut, demonstrate that authorized push payment fraud continues to cause headaches for consumers and financial institutions alike, and with forthcoming mandatory reimbursement requirements, more APP fraud litigation can be expected, say lawyers at Charles Russell.
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Open Questions 3 Years After 2nd Circ.'s Fugitive Ruling
The Second Circuit’s 2021 decision in U.S. v. Bescond, holding that a French resident indicted abroad did not meet the legal definition of a fugitive, deepened a circuit split on the fugitive disentitlement doctrine, and courts continue to grapple with the doctrine’s reach and applicability, say attorneys at Lankler Siffert.
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What Labour Has In Mind For UK Data Protection Law Reform
The U.K.'s new Labour government is indicating that it will strengthen the country's cybersecurity regime, and introduce artificial intelligence legislation similar to that of the European Union, in an attempt to further reform data protection law and harness the power of data for economic growth, says Victoria Hordern at Taylor Wessing.
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ECJ Cartel Damages Rulings Are Wins For Multinational Cos.
Two decisions from the European Court of Justice last month clarifying the limits of the single economic unit doctrine in cartel damages proceedings will help multinational companies anticipate and prepare for litigation within a narrower band of possible jurisdictions, say lawyers at Linklaters.
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Takeaways From EU's 'Pay Or Consent' Advertising Probe
Anne-Gabrielle Haie and Charles Whiddington at Steptoe examine key points from the European Commission's recent investigation into Big Tech's use of "pay or consent" advertising models, as well as the European Data Protection Board’s opinion on how such models can comply with EU competition and data protection laws.