Corporate Crime & Compliance UK

  • 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. 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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."

  • October 21, 2024

    UK Director's Use Of Tax Planning Data Subject For Retrial

    Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.

  • October 21, 2024

    Former Unite Official Loses Tribunal Claim Amid Fraud Probe

    A tribunal has concluded that a former legal chief at Unite the Union did not face a "baseless" disciplinary investigation in connection with a police raid over a £112 million ($145 million) construction project that has since been referred to the Serious Fraud Office.

  • October 21, 2024

    Campaigners To Submit Whistleblowing Protections Bill

    Campaigners announced plans Monday to submit a new bill before Parliament that would establish a new government office to crack down on retaliation against whistleblowers who reveal fraud, corruption and misconduct.

  • October 21, 2024

    D&G Wins Case Against Firms Over Fraudulent Cold Calls

    A London court ruled Monday that a string of companies pretended to be associated with Domestic & General during cold calls to lure away its customers and steal business from the insurance and warranties giant.

Expert Analysis

  • 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.

  • How Law Firms Can Handle Challenges Of Mass Claims

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    With a wave of volume litigation possibly about to hit the U.K. courts, firms developing mass claim practices should ensure they heed the Solicitors Regulation Authority's May warning and adopt strategies to ensure regulatory compliance and fair client representation, says Claire Van der Zant at Shieldpay.

  • EU Directive Significantly Strengthens Enviro Protection

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    The recently revised European Union directive on environmental protection significantly strengthens its prior legislation and broadens the scope of environmental crime through the introduction of offenses for conduct resulting in severe damage, say Katharina Humphrey and Julian Reichert at Gibson Dunn.

  • How Revision Of The EU Works Directive May Affect Cos.

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    The European Union’s proposed revision of the Works Councils Directive, motivated by perceived shortcomings of existing legislation and the transformation of the world of work, includes significant changes that would increase workers' rights, including through strengthened enforcement and confidentiality provisions, says Thomas Player at Eversheds Sutherland.

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