Corporate Crime & Compliance UK

  • April 23, 2024

    Ex-Law Firm Partner Fights SRA's Dishonesty Accusation

    A former partner at a conveyancing firm urged a London tribunal on Tuesday to dismiss the Solicitors Regulation Authority's claim that he had acted dishonestly during a real estate transaction, arguing that the regulator abused the tribunal process.

  • April 23, 2024

    FCA To Return £530K To Investors From Deposit-Taking Scam

    The Financial Conduct Authority said Tuesday it will return £533,000 ($664,000) in recovered money to investors who were hit by a deposit scam run through two companies, including a soccer league operator.

  • April 23, 2024

    FCA Charges Man With Fraud In £2.7M Investment Scheme

    The Financial Conduct Authority said Tuesday that it had charged a British man with fraud after he hid "significant losses" from investors as part of a £2.67 million ($3.33 million) scheme trading on foreign exchange markets.

  • April 23, 2024

    Bank Of Ireland Used Deceit To Loan Millions, Investor Claims

    Bank of Ireland allegedly deceived a real estate investment business into borrowing millions from it by giving inflated property evaluations based on old estimates that were £1.2 million ($1.5 million) higher than up-to-date figures, according to a London court filing.

  • April 23, 2024

    FCA Clarifies Greenwashing Rule, Extends ESG regime

    The Financial Conduct Authority has published clarifying final guidance on its anti-greenwashing rule for all regulated firms, saying on Tuesday that it will also extend its broader sustainability regime to include portfolio managers.

  • April 23, 2024

    Top UK Court Blocks Gazprom Unit's Russian UniCredit Claim

    Britain's highest court upheld an injunction on Tuesday barring a Gazprom subsidiary from pursuing a €450 million ($480 million) claim against UniCredit Bank AG in Russia after the German lender withheld financing for the construction of gas processing plants because of sanctions.

  • April 22, 2024

    Trader Behind £1.4B Tax Fraud Thought Trades Were Valid

    A British trader accused of being the mastermind of a fraudulent trading scheme that cost Denmark's tax authority £1.4 billion ($1.7 billion) genuinely believed that the trades worked, his lawyer told a London court on Monday.

  • April 22, 2024

    Med Tech Founder Denies Deceiving Investors For $20M Sale

    The co-founder of a medical technology business has denied concealing his financial interest in a $20 million deal to purchase shares in his company, claiming he was never told it was important to reveal the seller's identity to the investment company.

  • April 22, 2024

    Leaked Doc Undermines Court's Libor Findings, Hayes Says

    A leaked document from Britain's former banking trade association casts doubt over a key finding in the Court of Appeal's decision to uphold the convictions of two traders jailed for rigging interest rate benchmarks, one of the men claimed Monday.

  • April 22, 2024

    EU Threatens To Suspend 'Addictive' TikTok App Features

    The European Commission warned TikTok on Monday that it may suspend a key feature of the video sharing platform's new app that rewards users for watching videos unless it addresses the watchdog's concerns about addictive elements of the new app and its risk to mental health. 

  • April 22, 2024

    Complaints Of Closed Bank Accounts To Ombudsman Surge

    Customer complaints to the Financial Ombudsman Service about closure of or refusal to open bank accounts have risen sharply in the last year, particularly from businesses, according to figures recently released by a select group of members of Parliament.

  • April 22, 2024

    Ex-Axiom Ince Chief Faces Bankruptcy Petition

    The former head of collapsed Axiom Ince Ltd. is facing a bankruptcy petition after being accused of misappropriating almost £65 million ($80.3 million) to fund the acquisition of Ince Group PLC and property purchases.

  • April 29, 2024

    New Norton Rose UK Antitrust Chief Eyes Fresh Opportunities

    Norton Rose Fulbright has promoted one of its partners to become its new head of antitrust and competition in London, with the new chief saying Monday she saw "new opportunities" for the group to build after her predecessor left for Cooley LLP.

  • April 22, 2024

    UK Authorities Charge 2 Men With Spying For China

    U.K. authorities charged two men on Monday with spying for the Chinese government.

  • April 22, 2024

    NCA Investigator Sues Over Sexual Misconduct Sacking

    A former National Crime Agency investigator told a tribunal on Monday that the law enforcement body unfairly sacked him over allegations that he inappropriately touched female colleagues and a member of the public at a Christmas party.

  • April 22, 2024

    FCA To Consider Big Tech Data-Sharing With Finance Firms

    The Financial Conduct Authority said on Monday it will examine how Big Tech's access to data could be valuable to firms in the finance sector if it reveals consumers' preferences, and will consider setting out incentives to encourage information-sharing.

  • April 22, 2024

    FCA Defends Response To British Steel Pension Scandal

    The Financial Conduct Authority on Monday said it took "appropriate regulatory action" amid complaints over its handling of the British Steel Pension Scheme transfer scandal and would not uphold any of the grievances it has received over its approach.

  • April 22, 2024

    CMA Wins Battle Over Home Search Warrants In Cartel Probe

    The competition watchdog won a legal battle at a London court on Monday after a tribunal refused to grant it a domestic search warrant as it carried out a cartel investigation.

  • April 22, 2024

    FCA Urged To Halt Plan To Publicize Enforcement Probes

    The Financial Conduct Authority's plan to name the firms it probes and publish information about investigations at an earlier stage risks an unjustified departure from the "fundamental principle" of being innocent until proven guilty, a House of Lords committee warned in a letter published Monday.

  • April 19, 2024

    Reed Smith Can't Escape £21M Suit Says Shipping Co.

    A United Arab Emirates shipping company suing Reed Smith LLP for £21 million ($26.1 million) has accused the law firm of "surreptitiously" telling Barclays Bank that the shipping company was sanctioned by the U.S. resulting in its funds being frozen.

  • April 19, 2024

    SRA Calls For Law Firms To Step Up Checks On Third Parties

    Half of law firms have changed working practices to avoid getting instructed in meritless lawsuits that gag negative publicity, but they still need more checks and balances in place when they work with third parties on reputation management claims, the Solicitors Regulation Authority said Friday.

  • April 19, 2024

    Post Office Lawyer Denies Aggressive Litigation Tactics

    A top Post Office lawyer denied that his team had a strategy of fighting off at all costs a civil action brought by wrongly prosecuted sub-postmasters in order to stave off criminal appeals, as he testified Friday at the public inquiry into the scandal.

  • April 19, 2024

    Sudan Granted Two-Year Grace Period In £1.5B Debt Row

    Long-standing creditors of Sudan were granted a two-year stay of their claim against the nation on Friday, with a London judge agreeing with the creditors that the country should be given time to stabilize its financial situation in the wake of political turmoil.

  • April 19, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen U.K. holiday resort chain Butlins target Aviva and a huddle of insurers, Meta and WhatsApp tackle a patents claim by telecommunications company Semitel, an ongoing construction dispute between Essex County Council and Balfour Beatty, and Formycon AG hit a pharmaceutical company for infringing medical products. Here, Law360 looks at these and other new claims in the U.K.

  • April 19, 2024

    Grant Settlement Proves Pull Of Offer That Can't Be Refused

    Hugh Grant's decision to settle his case against News Group to avoid the "most likely" outcome of paying millions in legal fees even if he won demonstrates the effectiveness of a common cost-saving legal mechanism despite criticism the media giant is being allowed to avoid scrutiny.

Expert Analysis

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

  • A Look At 2023's Landmark Insolvency Developments

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    The insolvency landscape in 2023 witnessed pivotal court decisions that will continue to shape the industry in 2024, with a focus on refining director and administrator duties and obligations, and addressing emerging challenges, says Kerri Wilson at Ontier.

  • EU And US Artificial Intelligence Regs: Comparing Key Points

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    With divergent approaches to artificial intelligence regulation in the EU and U.S. making it challenging for companies to navigate the global landscape, it is wise to adopt a proactive compliance approach and begin mapping upcoming obligations in each jurisdiction, say lawyers at Steptoe.

  • 5 Key UK Employment Law Developments From 2023

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    Key employment law issues in 2023 suggest that topics such as trade union recognition for collective bargaining in the gig economy, industrial action and menopause discrimination will be at the top of the agenda for employers and employees in 2024, say Merrill April and Anaya Price at CM Murray.

  • Looking Ahead At AI Regulation In The EU And UK

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    With AI regulation agreed upon in Europe and a U.K. regulatory authority on the horizon, organizations developing AI should consider deploying governance, addressing accountability and establishing internal guardrails to achieve a balanced approach to responsible innovation while managing risk, says Chris Eastham at Fieldfisher.

  • What 2024 Has In Store For White Collar Crime Enforcement

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    Changes in Serious Fraud Office leadership and corporate crime laws in the U.K. signal a chance to kickstart enforcement in 2024, and companies need to stay alive to risks within their business, preparing in particular for the new offense of failure to prevent fraud, say lawyers at Latham.

  • Emerging Trends From A Busy Climate Litigation Year

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    Although many environmental cases brought in the U.K. were unsuccessful in 2023, they arguably clarified several relevant issues, such as climate rights, director and trustee obligations, and the extent to which claimants can hold the government accountable, illustrating what 2024 may have in store for climate litigation, say Simon Bishop and Patrick Kenny at Hausfeld.

  • Key 2024 Arbitration Trends In A Changing World

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    As key sectors such as ESG and the global mining and commodities market will continue to generate more arbitration in 2024, procedural developments in arbitral law will both guide future arbitration proceedings and provide helpful lessons on confidentiality, disclosure and professional duty, say Louise Woods and Elena Guillet at V&E.

  • How Businesses Can Prepare For Cyber Resilience In 2024

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    With cybersecurity breaches one of the biggest threats to U.K. businesses and as legislation tightens, organizations should prioritize their external security measures in 2024 and mitigate risks by being well-informed on internal data protection procedures, says Kevin Modiri at Nelsons.

  • Regulating Digital Platforms: What's Changing In EU And UK

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    Lawyers at Mayer Brown assess the status of recently enacted EU and U.K. antitrust regulation governing gatekeeper platforms, noting that the effects are already being felt, and that companies will need to avoid anti-competitive self-preferencing and ensure a higher degree of interoperability than has been required to date.

  • Dyson Decision Highlights Post-Brexit Forum Challenges

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    The High Court's recent decision in Limbu v. Dyson, barring the advancement of group supply chain claims against Dyson subsidiaries in the U.K. and Malaysia, suggests that, following Brexit, claims concerning events abroad may less frequently proceed to trial in England, say lawyers at Debevoise.

  • How Boards Can Mitigate Privacy, Cybersecurity And AI Risks

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    In 2023, data privacy, cybersecurity and AI persist as prominent C-suite concerns as regulators stepped up enforcement, and organizations must develop a plan for handling these risks, in particular those with a global footprint, say lawyers at Latham.

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