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Corporate Crime & Compliance UK
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March 12, 2025
EU Targets US Goods In Response To Trump's Tariffs
The European Commission said Wednesday that it will impose tariffs on American goods imported into the European Union in response to U.S. tariffs placed on EU steel and aluminum exports.
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March 12, 2025
HMRC To Reward Whistleblowers Who Expose Tax Fraud
Insiders who tip off investigators to serious tax avoidance by large companies and rich elites will be paid a cut of any money the U.K. tax enforcer claws back under a new policy proposed by the government.
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March 12, 2025
Florist Says Ex-CEO Diverted Cash Amid False Fraud Claim
A high-end London florist has sued its former CEO for an estimated £4.1 million ($5.3 million) alleging the businessman diverted its revenue before falsely telling customers that the business was insolvent and committing fraud.
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March 12, 2025
FCA Drops Plan To 'Name And Shame' Firms It Investigates
The Financial Conduct Authority said Wednesday that it has scrapped its proposals to publicly identify companies at an early stage in enforcement investigations as the watchdog responds to widespread resistance from the sector.
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March 12, 2025
Gov't To Scrap UK Payments Watchdog To Boost Growth
The U.K. government has said that it will abolish the payments watchdog as the latest step to reduce the size and complexity of regulatory burdens on business.
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March 12, 2025
UK Watchdogs Drop Diversity And Inclusion Regulation Plans
The financial services watchdogs have walked back plans to introduce new regulations for diversity and inclusion policies, saying on Wednesday that they hope to avoid duplicating existing regulation and legislative guidelines.
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March 11, 2025
AXA Says Santander Was In 'Driving Seat' In £670M PPI Trial
Insurance giant AXA said at the start of a £670 million ($867 million) London trial Tuesday that Santander should compensate it for what it has paid out dealing with claims for missold payment protection insurance because the Spanish bank's subsidiary was "in the driving seat."
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March 11, 2025
EU Council Approves 'Decluttering' Tax Agenda
The Council of the European Union said Tuesday that it has approved the "decluttering" agenda to simplify tax legislation across the bloc and cut red tape to make the system more competitive.
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March 11, 2025
Exec Wins Bid To Challenge Name Disclosure In Bribery Case
A former executive acquitted of bribery won permission Tuesday to attempt to keep their name out of a judgment detailing a bribery settlement with the Serious Fraud Office after a judge ruled he had an "arguable" case that his privacy rights trumped transparency.
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March 11, 2025
Clyde & Co Hires RPC White Collar Quartet
Clyde & Co. LLP said Tuesday that it has recruited Sam Tate, the former head of white-collar crime at Reynolds Porter Chamberlain LLP, as its global head of regulatory and investigations, along with three other RPC hires.
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March 11, 2025
Staley Denies Knowledge Of Epstein's 'Monstrous Activities'
Jes Staley told a tribunal on Tuesday that he would not have maintained a relationship with Jeffrey Epstein if he had known about the disgraced financier's "monstrous" activities.
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March 11, 2025
EU Council Adopts Digital VAT Reform Package
The Council of the European Union said Tuesday that it has adopted reforms to adapt the EU's value-added tax regime to the digital economy.
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March 11, 2025
UK Regulators Seek AI Guidance From Industry
Britain's financial and data regulators have reached out to U.K. trade bodies and business chief executives for guidance on how to provide regulatory certainty on artificial intelligence.
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March 11, 2025
FCA Mulls Customer Redress For Motor Finance Failings
The Financial Conduct Authority said Tuesday that it would probably launch a redress program for providers of car finance to compensate buyers if a review shows widespread failure to comply with requirements on commissions.
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March 11, 2025
Dentons Must Face AML Allegations Again After Tribunal Error
Dentons must face allegations that it breached money laundering rules for a second time as a London court sent the Solicitors Regulation Authority's case against the firm back to a disciplinary tribunal for reconsideration on Tuesday after finding the tribunal had taken a mistaken approach to the case.
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March 11, 2025
Infected Blood School Defeats Ex-Pupils' Group Claim Bid
A senior High Court judge on Tuesday blocked an application from dozens of former pupils of a school at the center of an infected blood scandal to join together in a single group to seek damages from its trust.
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March 10, 2025
BBC Spent £1.3M On Huw Edwards Scandal Fallout
The British Broadcasting Corp. spent more than £1.3 million ($1.68 million) on legal advice and an internal review spurred by complaints against disgraced presenter Huw Edwards.
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March 10, 2025
COVID Loan Abuse Still Behind Over Half Of Director Bans
More than 650 directors have been disqualified for abusing the COVID-19 financial support scheme in the past 12 months, a U.K. government agency announced Monday in a signal that authorities are still tackling the increasingly distant offenses.
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March 10, 2025
Barclays' Jes Staley Was 'Honest' With FCA Over Epstein Ties
Former Barclays boss Jes Staley has denied attempting to mislead the Financial Conduct Authority about his ties to Jeffrey Epstein, telling a tribunal on Monday that he always maintained they had a "close professional relationship."
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March 10, 2025
Addleshaw Wins Bankruptcy Order Against Former LC&F Boss
Addleshaw Goddard has obtained a bankruptcy order against a former boss of London Capital & Finance after a court ruled he defrauded investors out of £237 million ($306 million) by running the investment company like a Ponzi scheme.
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March 10, 2025
German Election Raises Doubts About Pillar 2 From Tax Pros
The new German government could end up abandoning the international corporate minimum tax agreement known as Pillar Two because of rising competition between the U.S. and Europe, experts told Law360.
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March 10, 2025
Accountant Who Missed Fraud Wins Sham Redundancy Case
A home renovations business must pay a former accountant who failed to spot an employee embezzling more than £13,000 ($17,200) after a tribunal found that the company had no genuine reason to cut her job.
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March 07, 2025
£800M Pollution Class Action Against Water Cos. Rejected
The U.K.'s competition court on Friday threw out an £800 million ($1 billion) proposed class action against several water companies over their alleged failure to report pollution, concluding that the case was excluded by legislation governing the water businesses.
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March 07, 2025
FCA Can Reject Criticism Of Redress For Misselling Scandal
The Financial Conduct Authority is entitled to "reasonable disagreement" with an official review that criticized its decision to exclude around 10,000 transactions from a compensation scheme for a bank misselling scandal, a court ruled Friday.
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March 07, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen an Iranian oil company sued for $95 million, Betfred hit with a lawsuit from a property company and NHS England face a human rights claim brought by a man detained under the Mental Health Act for over 20 years. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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Why EU Omnibus Package Is Receiving Mixed Reactions
Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
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Review Of Computer Evidence Use Raises Complex Issues
The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
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How Proposed Private Share Trading System May Benefit Cos.
The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
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New Bill Introduces Important Whistleblower Protections
If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
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Important Changes To Note In Accountant Ethics Code Update
The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
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What EU Sustainable Category Proposals Will Mean For Funds
The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
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What To Expect As CAT Considers Mastercard Settlement
It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
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Managing Transatlantic Antitrust Investigations And Litigation
As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
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What 2025 Holds For UK, EU Restructuring And Insolvency
European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.
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What To Know As EU Urges Outbound Investment Reviews
A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.
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Competition Act Brings Important UK Merger Control Changes
Although recently effective sections of the Digital Markets, Competition and Consumers Act provide clarity on the transactions that may attract Competition and Markets Authority attention, some reforms potentially expanding the regulator's scope may be concerning to transacting parties, say lawyers at Fried Frank.
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How GCs Can Protect Cos. From Geopolitical Headwinds
Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.
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What BT Ruling Will Mean For UK Class Actions
The Competition Appeal Tribunal’s recent dismissal of a £1.3 billion mass consumer claim against BT, the first trial decision for a U.K. collective action, reminds claimants and funders of the high bar for establishing an abuse, and provides valuable insight into how pending mass consumer cases may be resolved, say lawyers at Ashurst.
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Navigating PRA's Data Request For Crypto-Asset Exposure
The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.
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Key Points From FCA Financial Crime Guide Updates
The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.