07/27/2018
HMRC clarifies 'requirement to correct' penalties
The minimum 100% penalty will apply even where someone has been careless with their affairs - intent is not necessarily required.
Legal, Regulation & Compliance
07/27/2018
New rape allegation suggests banks have a big cultural issue
UBS had not started a formal review into the senior banker's behaviour at the time he resigned, although it was reportedly seeking private mobile-phone messages between the alleged victim and her colleagues.
07/27/2018
Russian hackers blamed for $2.4 million cyber-heist at National Bank of Blacksburg
According to the lawsuit, National Bank of Blacksburg, which has 25 offices throughout Southwest Virginia, lost about $570,000 in May 2016 and more than $1.8 million in January 2017.
07/27/2018
Competition in the investment consultancy and fiduciary management markets: the CMA’s provisional decision
The CMA has invited responses to its provisional decision and suggested remedies
07/27/2018
Mystery banker's wife challenges UK unexplained wealth order
The NCA believed that two luxury homes worth £22m were purchased with money stolen by the woman’s husband
07/27/2018
FCA proposes changes to rules for crowdfunding platforms
The FCA has also observed some poor practice by some firms in the crowdfunding sector, particularly among loan-based platforms.
07/27/2018
Linklaters' first-ever head of innovation on new ideas, tech priorities and introducing lawyers to coding
Shilpa Bhandarkar, Linklaters' first-ever head of innovation, on harvesting the best new ideas from the firm's fee earners
07/27/2018
Disgraced solicitor ordered to repay half the £1.4 million he stole from clients
Following his sentence Jones was made subject to an application by the Dyfed-Powys Police Financial Crime Team for the recovery of all known assets held by him in order to compensate his victims as much as possible under the Proceeds of Crime Act.
07/26/2018
Number of raids by Serious Fraud Office triples
SFO taking ‘increasingly aggressive stance’ in pursuit of white collar criminals
07/26/2018
Four former directors of online consumer credit broker banned for misleading customers
The Financial Conduct Authority (FCA) has banned David James Carter Mullins, Edward John Booth, Christopher Paul Brotherton and Mark Robert Kennedy, the former directors and shareholders of Secure My Money Limited (now dissolved).
07/26/2018
GP cleared of mob plot to kill Brown Shipley adviser
Crichton told the court that he had sought to order a contract killing online in order to ‘clear his head’ after being diagnosed with ‘treatment resistant depression’ which led to suicidal thoughts.
07/26/2018
EU considers regulatory convergence, pan-European pensions
"The objective is that each competent authority across the EU shares the same interpretation of the EU laws and applies them in a consistent way."
07/25/2018
ESMA review finds improvements with NCAs’ supervision of the suitability requirements
The Report identifies enhancements in supervising the requirements and greater deployment of enforcement action by some NCAs.
07/25/2018
ESMA fines five banks €2.48 million for issuing credit ratings without authorisation test
ESMA found that the five banks infringed the CRAR by issuing credit ratings without being authorised by ESMA to do so.
07/25/2018
Payment Systems Regulator announces market review into card-acquiring services
The draft terms of reference for the market review is open for consultation until 14 September 2018.
07/25/2018
Barclays back in UK prosecutors' sights over Qatari payments
UK Serious Fraud Office seeking to resurrect its high-profile prosecution of bank over undisclosed payments to Qatari investors
07/25/2018
Kremlin critic Browder expands criminal complaint against Danske Bank
We can confirm that he has filed a complaint but the exact content of that complaint
07/25/2018
Seven years on: The effects of the UK Bribery Act on the Middle East - Clyde & Co.
Businesses that are subject to the UKBA must ensure that the risks of such payments are mitigated. Procedures should be proportionate, taking account of regional risks.
07/24/2018
New EU Report Lists Competition Risks in the FinTech Sector
Payment services are important to economies. It allows governments to keep control and order while ensuring that trading activities are legal.
07/24/2018
FCA webpage on Digital Regulatory Reporting
Any financial services firm that wishes to participate in the pilot will need to contribute to the resourcing of them.