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Corporate Crime & Compliance UK

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Senior Managers Regime Revamp Risks Letting In Bad Apples

The City watchdog's planned overhaul of its senior managers regime risks allowing people with records of misconduct to slip into financial firms because of the relaxation of rules on references and criminal checks, according to lawyers.

Staley Tribunal Decision Could Fuel Challenges To FCA Fines

A landmark tribunal ruling that upheld the Financial Conduct Authority's ban of ex-Barclays CEO James "Jes" Staley from banking 鈥� but slashed his fine 鈥� could ultimately lead聽other executives with back-loaded pay packages to fight the watchdog's decisions, lawyers say.

Sign on the building outside the main criminal court in London.

Lawyers Warn Jury-Free Trials Won't Solve Court Backlog

Proposals to create a new division of court without juries will not solve the backlog of cases facing the criminal justice system without long-term investment to undo systemic underfunding, lawyers warned Wednesday.

Wider FCA Misconduct Rule Risks Over-Reporting Of Staff

The rule change proposed by the Financial Conduct Authority on non-financial misconduct for 37,000 companies outside the banking sector will generate pressure on businesses to protectively report employees to the regulator rather than risk later accusations of noncompliance.

July 22, 2025
Ex-Soldier Ran 拢1.3M Investment Ponzi Fraud, Jurors Told

A former British Army rifleman ran a Ponzi investment fraud which raised 拢1.3 million ($1.7 million) from 238 investors before collapsing, the U.K.'s financial regulator said at the beginning of a London criminal trial Tuesday.
July 22, 2025
UK To Ban Ransomware Payments To Protect Public Services

The Home Office said Tuesday that public bodies may be banned from making ransom payments to cybercriminals under a set of new proposals that it says will make public services a less attractive target for hackers.
July 22, 2025
Artist Can't Appeal Fake 'Fishrot' Apology Copyright Breach

A performance artist can't appeal a decision that he infringed the copyright of Iceland's largest fishing company by creating a spoof corruption apology about the company's involvement in bribing Namibian officials, a London court ruled Tuesday.
July 22, 2025
VTB Sues Investment Biz In Sanctions Dispute Over Trades

VTB Capital PLC has sued an investment firm for $3.4 million over unsettled trades of Russian securities, arguing that the other company did not have the right to terminate the trades due to sanctions imposed after the invasion of Ukraine.
July 22, 2025
BoE Chief Vows To Speak Up If Deregulation Goes Too Far

Andrew Bailey told a cross-party group of lawmakers Tuesday that he would speak out if the Treasury tries too hard to deregulate the financial services industry, adding that bank ring-fencing must remain in place.
July 22, 2025
DWF Beats Data Privacy Challenge In Injury Fraud Evidence

A London court tossed claims Tuesday that DWF Law LLP broke data protection laws when it analyzed and shared health information from three former personal injury claimants in a bid to expose alleged fraud patterns in road traffic accident cases.
July 22, 2025
NCA Calls For Crypto-Data Sharing In 拢100B AML Battle

The National Crime Agency has called for financial services companies to share data with law enforcers to improve identification of illicit cryptocurrency activity as it seeks to combat the estimated 拢100 billion ($135 billion) laundered in the country every year.
July 22, 2025
GDPR Whistleblower Wins Bid To Be Paid Until Full Trial

An employment tribunal has ordered a luxury car dealership to keep paying the salary of an employee it recently fired, ruling that she had a strong case that the company had punished her for speaking out over data protection breaches.
July 22, 2025
HP Owed More Than 拢730M From Autonomy Fraud Case

Hewlett Packard Enterprise is owed more than 拢730 million ($985 million) from the estate of Mike Lynch and his former business partner, a London judge ruled on Tuesday, almost a year after the technology entrepreneur died when a yacht he was aboard sank in the Mediterranean Sea.
July 21, 2025
UK Co. Faces 拢1M Penalty For Failing To Report Tax Scheme

HM Revenue & Customs was right to determine that a company had promoted a contractor loan tax scheme, a London tribunal ruled, finding the Manchester-based business liable for up to 拢1 million ($1.3 million) in penalties.
July 21, 2025
New AI Audit Standard Aims To Tame 'Wild West' Market

The British Standards Institution on Monday unveiled what it called the world's first standard for companies independently auditing artificial intelligence systems amid concern over a potential "wild west" of unchecked providers.
July 21, 2025
Ex-Execs Sue Telecom Biz Over Alleged 拢8M Share Sale Loss

Two former directors of a telecom technology company are suing their successors for over 拢8 million ($10.7 million), alleging they were tricked into selling their shares at a fraction of their true value.
July 21, 2025
Trader Blames Deutsche Bank For Spoofing Conviction

A former Deutsche Bank trader convicted of tricking market competitors through a "spoofing" scheme has sued the bank in a London court, alleging it trained him to use an illegal trading strategy and then "scapegoated" him when he faced prosecution.
July 21, 2025
Kession Fights Liability In 拢1.7M Collective Investment Case

A finance company urged the U.K.'s top court Monday to partly override a judgment that found it liable for聽botched property investments worth approximately 拢1.7 million ($2.3 million), arguing that its liability to investors should have been limited.聽
July 21, 2025
Ex-Union Lawyer Loses Claim Job Lost Over Whistleblowing

A former solicitor for the National Education Union has lost her claim that she was fired for raising concerns about its insurance cover, as an employment tribunal ruled she was actually dismissed for refusing to work.
July 21, 2025
Oil Biz Must Face Dishonesty Claims Over $335M Fraud Case

Arcadia Group has failed to strike聽out claims by the former chief executive and the finance boss at the oil trader who alleged that the company had dishonestly accused them of funneling $335 million profits in their own pockets.
July 21, 2025
X Denies Algorithm Manipulation Amid French Criminal Probe

Social media giant X said Monday that it has refused to cooperate with an investigation by French police over alleged algorithm manipulation and fraudulent use of data, saying the criminal probe is "politically motivated."
July 18, 2025
EU Agrees To Hit Russian Banking Harder With New Sanctions

The European Union agreed Friday to new sanctions against Russia hitting the banking sector harder as part of a broader package.
July 18, 2025
1st Post Office 'Capture' Conviction Referred To Appeals Court

The Criminal Cases Review Commission said Friday that it has referred its first Post Office "Capture" conviction to the Court of Appeal, a major development in the long鈥憆unning scandal surrounding faulty accounting software relied upon to wrongfully prosecute sub鈥憄ostmasters.
July 18, 2025
Irwin Mitchell Can't Escape Costs In Pension Fraud Claim

Irwin Mitchell LLP failed on Friday to recover costs after it persuaded a London court that it had been wrongly named in a retired naval officer's negligence claim because its broader effort to throw out the case fell short.
July 18, 2025
SFO Freezes Arena TV CEO's Crypto Assets With New Powers

A boss of collapsed Arena Television Ltd. has had more than 拢11,000 ($14,805) worth of cryptocurrency frozen by the Serious Fraud Office, in the first time the agency has used new powers to freeze crypto assets.
July 18, 2025
Odey Fights To Delay Libel Trial Amid Sex Assault Claims

U.K. hedge fund manager Crispin Odey argued in a London court on Friday that his 拢79 million ($106.3 million) libel claim against the Financial Times should be put on hold while he defends against claims by five women accusing him of sexual abuse.
July 18, 2025
FCA Shrugs Off Commissioner's Criticisms Of Ignoring Tip-Off

The City watchdog has hit back at criticisms by the Financial Regulators Complaints Commissioner concerning how it treats tipoffs about unregulated firms.
July 18, 2025
Tomb Raider Game Composer Jailed For COVID Loan Fraud

A composer for the Tomb Raider video game series has been sentenced to 16 months in prison for fraud involving the U.K. government's COVID-19 pandemic-era bounce-back loan scheme, the Insolvency Service said Friday.
July 18, 2025
Mastercard, Visa Face New Swipe Fees Claim By UK Retailers

Harcus Parker is preparing a new class action on behalf of retailers allegedly overcharged by Visa and Mastercard for accepting debit and credit card payments after a tribunal ruled that the transactions fees breach U.K. competition law.聽

Editor's Picks

6 Bombshell Moments From Staley's Bid To Clear His Name

Jes Staley has suffered a bruising week as he testified about his relationship with Jeffrey Epstein, culminating in an admission by the former banker that he had sex with a member of the disgraced financier's staff.
5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies聽early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off 鈥� the first case to challenge Russian sanctions that has reached the country's highest court.

Expert Analysis

New Interpol Silver Notice Could Be Tool For Justice Or Abuse

Interpol has issued dozens of Silver Notices to trace and recover assets linked to criminal activity since January, and though the tool may disrupt organized crime and terrorist financing, attorneys must protect against the potential for corrupt misuse, say attorneys at Clark Hill and Arktouros.
Weighing PE Transaction Risks As EU AI Act Rolls Out

As the European Union Artificial Intelligence Act becomes effective in stages, legal practitioners involved in private equity deals should consider the transactional risks resulting from this measure, including penalties, extraterritorial reach and target-firm applicability, say lawyers at Covington.
Preparing For Literacy Compliance Under EU AI Act

The European Commission's recent Q&A on artificial intelligence literacy is designed to assist with European Union AI Act compliance, but since the law does not require a one-size-fits-all approach, organizations need to consider specific use cases and focus on implementing staff training, says Edward Machin at Ropes & Gray.
EU Banking Watchdog Regulations Herald New AML Era

The European Banking Authority鈥檚 forthcoming anti-money laundering package will set a framework for compliance across the European Union by redefining the rules of engagement between financial institutions and supervisors, setting a new standard for transparency and accountability, say lawyers at A&O Shearman.
UK-EU Competition Agreement Signals Rebuilding Of Ties

The European Commission鈥檚 recent adoption of proposals to sign the European Union-U.K. competition agreement is a welcome first step toward better policy and enforcement convergence, providing a clearer legal framework for businesses to manage regulatory risk, says Charles Whiddington at Steptoe.
What To Expect As UK, US Gov'ts Develop Stablecoin Policies

While the U.K. and U.S. governments鈥� policies both suggest that fiat-backed stablecoins can improve efficiency and safety in payments systems, a perception that crypto-assets remain high risk means consumers are unlikely to use them in significant volume anytime soon, say lawyers at Cadwalader.
Decoding Arbitral Disputes: UK Injunctions Across Borders

A recent High Court of Justice decision allowing JPMorgan Chase Bank to block VTB Bank from bringing suit in a Russian court provides a seminal reflection on the power of English courts to issue antisuit injunctions when global banking disputes increasingly straddle multiple jurisdictions, says Josep Galvez of 4-5 Gray's Inn.
7 Reforms To Note Under New UK Data Protection Law

Although the recently enacted Data Use Act鈥檚 changes to U.K. law are subtle, its reforms go beyond data protection, including changes that redefine the scope of scientific research and an update that clarifies what constitutes automated decision-making, says James Castro-Edwards at Arnold & Porter.
How Regulators Want Online Platforms To Fight Finance Fraud

Recent statements from the International Organization of Securities Commissions and the European Securities and Markets Authority make clear that online platform providers are expected to adopt proactive measures to prevent the promotion of unauthorized financial services and related misconduct, say lawyers at Taylor Wessing.
FCA Notes Industry Criticism But Keeps Transparency Focus

The Financial Conduct Authority鈥檚 recently updated enforcement guide finally gives up the "naming and shaming" public interest test, demonstrating that the regulator has recognized the industry's serious concerns while maintaining less contentious aspects of its proposals to improve transparency in investigations, say lawyers at Irwin Mitchell.
Anticipating A Shift In CMA Merger Control Enforcement

As the Competition and Markets Authority outlines plans to put the U.K. government's growth objectives into action, the changes may well pave the way for a more permissive outlook for review of mergers and acquisitions in the U.K., say lawyers at A&O Shearman.
Court Backing Of FCA Pensions Ruling Sends Key Message

The Upper Tribunal鈥檚 recent upholding of the Financial Conduct Authority's decisions against CFP Management directors serves as a judicial endorsement of the regulator鈥檚 approach to defined benefit transfers, underscoring that where the advisory model is fundamentally flawed, the consequences for those in control can be severe, say lawyers at RPC.
What To Note As UK Adopts OECD Crypto Disclosure Rules

With the U.K.鈥檚 recent announcement that it will adopt the Organization for Economic Cooperation and Development's crypto-asset reporting framework, users and providers will benefit from understanding the context surrounding the decision and the framework's intended goal of clamping down on tax evasion, say lawyers at Brown Rudnick.
Why UK Sanctions Review Recommendations Lack Substance

The recent U.K. cross-government sanctions enforcement review makes welcome but unambitious recommendations, and without increasing funding for sanctions agencies or developing a whistleblower incentivization scheme, it is unlikely to result in tangible support for the sectors that most need it, say lawyers at WilmerHale.
How UK Law Firms Can Counter Money Laundering Threat

With figures released in May showing that money laundering was the biggest source of fraud in the U.K. last year, law firms should focus on internal identification and prevention strategies, considering the scale and nature of potential risk exposure depends on several business factors, says Niall Hearty at Rahman Ravelli.