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Corporate Crime & Compliance UK
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May 06, 2025
HSBC Settles Reporting Whistleblowing Fight With Ex-Exec
HSBC Bank PLC on Tuesday settled its dispute with a former senior employee who had accused the retail banking giant of firing him for making protected disclosures about the lender's alleged capital reporting failings.
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May 06, 2025
Money Laundering Surges To £377M In UK Amid Fall In Fraud
Money laundering was the biggest source of fraud and economic crime by value in the U.K. in 2024, with the average value of individual cases increasing 10-fold compared with 2023, a professional services firm reported Tuesday.
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May 06, 2025
Marsh Blamed For $143M Loss On Greensill As Trial Opens
The investment firm White Oak said it would never have invested in a financial scheme set up by now-collapsed Greensill Capital if it had not relied on misleading statements provided by the insurance broker Marsh about its cover, the firm's lawyers said at the opening of an almost $143 million trial Tuesday.
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May 06, 2025
EU Watchdog Proposes New Rules For ESG Ratings Firms
The European Union's markets watchdog has proposed new rules for providers of ESG ratings in a move to prevent conflicts of interest and improve their disclosures.
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May 06, 2025
Greensill, Gupta Get 2027 Trial Date Over $400M Row
Administrators overseeing part of the collapse of Lex Greensill's empire will head to trial in October 2027 to seek $400 million from a Swiss insurance giant that has accused the financier and one of his major former clients, Sanjeev Gupta, of fraud.
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May 02, 2025
TikTok Chinese Data Transfers Draw €530M Irish Privacy Fine
Ireland's data protection regulator has hit TikTok with a €530 million ($600 million) penalty for allegedly failing to adequately protect EU users' personal data that it transferred to China, the regulator announced Friday.
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May 02, 2025
Santander Wins Bid To Narrow AML Whistleblower Allegations
Santander succeeded in trimming a former financial crime policy manager's employment claim on Friday, when a tribunal judge dismissed several whistleblowing allegations but refused to ax other claims that Santander argued the ex-employee had already unsuccessfully sought to advance.
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May 02, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Premier League football club Newcastle United FC sue the owner of the land next to its stadium, Laurence Fox face a defamation claim by TV presented Narinder Kaur and a further sexual assault claim filed against actor Kevin Spacey.
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May 02, 2025
Windfarm Accuses Nexans Of Overpricing In £50M Cartel Trial
Companies behind an English windfarm have alleged that the Norwegian arm of power cable giant Nexans charged artificially high prices as a result of an anticompetitive cartel, in a trial in which they are claiming £49.8 million ($66.2 million) in damages.
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May 02, 2025
Senior E.ON, British Gas Staff Jailed For £2M Bribery Scheme
Two senior ex-employees of energy giants E.ON and British Gas have been handed prison sentences for accepting more than £2 million ($2.7 million) worth of bribes in exchange for commercial contracts.
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May 02, 2025
Ex-UN Judge Gets 6 Yrs For Forcing Woman To Work As Slave
A former United Nations judge was sentenced to more than six years in prison on Friday after being found guilty of modern slavery offenses, including forcing a woman to work as her maid and conspiring to violate U.K. immigration law, the Crown Prosecution Service said.
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May 02, 2025
FCA Proposes Curb On Purchase Of Crypto-Assets On Credit
The Financial Conduct Authority proposed on Friday to restrict how far cryptocurrency companies could go in allowing consumers to buy crypto-assets on credit, part of its planned regulatory regime for the sector.
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May 02, 2025
EY Can Reveal $9.7B Settlement At UAE Health Biz Fraud Trial
EY won an attempt on Friday to reveal a $9.66 billion settlement inked by a United Arab Emirates health care business and senior company officers accused of a $4 billion fraud as it defends itself against allegations it failed to stop the alleged wrongdoing.
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May 02, 2025
Govia Thameslink Loses Bid To Cross-Examine Class Rep
Britain's antitrust tribunal refused Govia Thameslink Railway Ltd. permission to cross-examine the campaigner representing rail passengers in a class action over allegedly unfair ticket prices, saying it was unpersuaded there has been "serious mismanagement" of the case.
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May 02, 2025
Draft UK Crypto-Regulations Facing Teething Troubles
The government's new crypto-assets regime will be unenforceable across borders and could deter fledgling companies from working in the country, meaning that the financial watchdog will face early challenges to its attempts to protect British consumers in a volatile global marketplace.
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May 02, 2025
Bank Sues Fintech Execs For Fraud Over £4M Investment
A German specialist property lender has sued the co-founders of a financial technology startup for £4.2 million ($5.6 million) in London over claims that the former investment bankers hid the fact they had obtained additional investment in their business prior to its collapse.
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May 02, 2025
Russell Brand In Court On Rape, Sexual Assault Charges
Former actor and comedian Russell Brand was granted bail as he appeared at a London court on Friday to face charges of rape, sexual assault and indecent assault.
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May 01, 2025
Janus Analyst Accused Of Insider Trading Denies Hiding Deals
Prosecutors dismissed a former Janus Henderson analyst's claim he had not disclosed trades allegedly made with insider information because he regarded his employer's trading compliance policies to be "window dressing," saying on Thursday that the "simple explanation" was that he had wished to keep them secret.
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May 01, 2025
5 More Things For Employers To Consider After Sex Ruling
The ruling in April by the U.K. Supreme Court on the legal definition of a woman will compel employers to rethink much more than who uses what toilet, lawyers say.
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May 01, 2025
ECB Says Consumers Ready To Avoid US Goods Over Tariffs
European consumers are prepared to avoid American goods for the long term, following the impact of tariffs imposed by the U.S. administration, according to a survey by the European Central Bank.
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May 01, 2025
Lawyer Bids To Ax 'Greedy' Allegation In $11B Award Ruling
A solicitor asked the Court of Appeal on Thursday to strike out references to his being "greedy" and "corrupt" in a judgment over a fraudulent arbitration award against the Republic of Nigeria, arguing that these comments breached his due process rights.
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May 01, 2025
Cross-Border Payments Firms Lack Transparency, FCA Says
Companies offering international money remittance and cross-border payment services often fail to explain their fees clearly and should consider making improvements under the Consumer Duty, the Financial Conduct Authority said Thursday.
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May 01, 2025
UK Crypto-Asset Business Shut Down For International Fraud
Crypto-asset company BTCMining has been shut down by a court in England after complaints from across the globe that it did not pay out their returns, according to the Insolvency Service.
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May 01, 2025
Ex-Solicitor Gets Prison For Pocketing £160K In Client Money
A former solicitor who duped more than 300 clients over three years into paying more than £160,000 ($213,000) into her personal bank account rather than to her firm has been jailed for two-and-a-half years, police have said.
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May 01, 2025
Ex-NCA Official Denies Claiming He Was Spy For Top Job
A former National Crime Agency official pleaded not guilty to fraud charges on Thursday — allegations that he lied about being an intelligence analyst for Britain's spy agency when he applied for a senior position in the U.K.'s maritime security service.
Expert Analysis
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How Ransomware Payment Reforms Could Affect UK Cos.
The Home Office’s recent proposals to ban ransomware payments by publicly owned bodies is a welcome first step in its aims to tackle the cybercrime industry, but the risk remains that hackers will now focus on private companies that are still permitted to pay a ransom, says Dominic Holden at Lawrence Stephens.
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Key Takeaways From The 2025 Spring Antitrust Meeting
Leadership changes, shifting priorities and evolving enforcement tools dominated the conversation at the recent American Bar Association Spring Antitrust Meeting, as panelists explored competition policy under a second Trump administration, agency discretion under the 2023 merger guidelines and new frontiers in conduct enforcement, say attorneys at Freshfields.
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Rising To The Task Of Online Safety Act Compliance
The arrival of the Online Safety Act’s deadlines for all in-scope services and children’s access in March and April, enabling the Office of Communications to begin enforcing safety duties regarding illegal content, presents formidable compliance challenges for affected businesses, says Louisa Chambers at Travers Smith.
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Google Win Illustrates Hurdles To Mass Data Privacy Claims
The Court of Appeal's December decision in Prismall v. Google, holding each claimant in a mass data privacy suit must demonstrate an individualized and sufficiently serious injury, demonstrates the difficulty of using representative action to collect damages for misused private information, say lawyers at Seladore Legal.
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What To Know About FCA's UK Listing Rules Proposal
A recent consultation paper from the Financial Conduct Authority aims to streamline the securities-listing process for U.K.-regulated markets, including by allowing issuers to submit a single application for all securities of the same class, and aligning the disclosure standards for low-denomination and wholesale bonds, say lawyers at Debevoise.
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Opinion
UK Gov't Needs To Take Action To Support Whistleblowing Bill
With a proposed Office of the Whistleblower Bill making its way through the U.K. Parliament, whistleblowing is starting to receive the attention it deserves, but the key to unlocking real change is for the government to take ownership of reform proposals and appoint an overarching whistleblowing champion, says Baroness Susan Kramer at the House of Lords.
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Issues To Watch At ABA's Antitrust Spring Meeting
Attorneys at Freshfields consider the future of antitrust law and competition enforcement amid agency leadership changes and other emerging developments likely to dominate discussion at the American Bar Association's Antitrust Spring Meeting this week.
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New UK Short Selling Rules Diverge From EU Regs
Although forthcoming changes to the U.K.’s short selling regulatory regime represent a welcome relaxation of restrictions and simplification of reporting processes, participants active in both the U.K. and EU markets will need to ensure compliance with two quite different sets of rules, says Ezra Zahabi at Akin.
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How New EU Product Liability Directive Will Affect Tech And AI
While the European Union’s new defective product liability directive, effective from December 2026, primarily provides clarifications rather than significant changes, it reflects the EU's commitment to addressing consumer protection and accountability challenges presented by the digital economy and artificial intelligence, say lawyers at Latham.
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What Latest FCA Portfolio Letter Means For Payments Firms
Charlotte Hill at Charles Russell discusses the Financial Conduct Authority’s recent portfolio letter to CEOs of payments firms, outlining the regulator’s expectations, and the steps that these companies may now need to take to ensure compliance and operational effectiveness.
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ECB Guide Targets Harmonized Cyber Testing Approach
The European Central Bank’s recently updated guidance for testing organizational resilience against sophisticated cyberattacks is a significant step forward, highlighting the importance of a unified approach to financial sector cybersecurity and alignment with Digital Operational Resilience Act requirements, say Simon Onyons and Nebu Varghese at FTI Consulting.
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Court Backlog Could Alter Work Safety Enforcement Priorities
While criminal prosecution remains the default course of action following the most serious workplace accidents, a record backlog of cases in the crown courts in England and Wales and safety regulators’ recognition of the need for change may allow for a more discerning approach, say lawyers at BCL Solicitors.
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New CMA Powers Will Change Consumer Protection Regime
The Competition and Markets Authority’s imminent broadened powers to impose penalties on organizations for unethical or misleading practices are likely to transform the U.K.’s consumer protection regime, and may lead to a rise in private litigation and increased regulatory scrutiny, say lawyers at Morgan Lewis.
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Opinion
Prospects For New Fraud Prevention Prosecution Look Slim
With the Labour Party's inherited patchwork of Conservative Party corporate crime legislation for preventing fraud and corruption, the forthcoming Economic Crime Act’s failure to prevent fraud offense is unlikely to be successful in assisting prosecutors bring companies to justice, says Matthew Cowie at Rahman Ravelli.
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What's Next After FCA Drops Troubled 'Name And Shame' Plan
A closer look at the Financial Conduct Authority's recent decision to toss its widely unpopular proposal changing the test for announcing enforcement investigations may reveal how we got here, why the regulator changed course, and where it’s headed next, say lawyers at Hogan Lovells.