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Corporate Crime & Compliance UK
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March 03, 2025
Investor To Pay £2M For 'Unashamed' Software Copying
An investment firm must pay over £2.1 million ($2.7 million) in damages for "unashamedly misappropriating" a software developer's application designed to help the elderly care industry, a London court ruled Monday.
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March 03, 2025
Bulk Mail Buyers Seek Go Ahead For £878M Royal Mail Claim
A representative for potentially 290,000 retail businesses asked Britain's competition tribunal on Monday to certify a £878.5 million ($1.1 billion) class action against the owner of Royal Mail for abusing its dominant position in the bulk mail market.
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March 03, 2025
Moving Shares Amid Fraud Claim Was Valid, Ex-Director Says
A former director of a food products supplier has denied giving shares in a construction company to his wife and associates in the face of allegations of fraud and misrepresentation, saying that it was a "reasonable and commercial" reallocation of assets.
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March 03, 2025
Ex-Barclays CEO Banned For Lies, Not Epstein Ties, FCA Says
The finance watchdog said at the start of a trial in London on Monday that it was concerned about James "Jes" Staley's personal relationship with Jeffrey Epstein but that it banned the former Barclays boss for lying — not for his choice of friends.
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February 28, 2025
Illegal Crypto ATM Operator Sentenced To 4 Years In Prison
A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."
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February 28, 2025
Ex-Barclays Boss Staley Fights FCA Ban Over Epstein Ties
Former Barclays boss Jes Staley will challenge on Monday the Financial Conduct Authority's ban for his lies about his relationship with sex offender Jeffrey Epstein in a high-stakes legal battle that will test the regulator's appetite for taking on the biggest cases.
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February 28, 2025
FCA Charges Pair With Financial Fraud, Money Laundering
The City watchdog said Friday that it has filed criminal charges against financial advisers Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery and money laundering that lost clients £2 million ($2.5 million).
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February 28, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.
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February 28, 2025
GB News Wins Ofcom Challenge Over Political Host
Television network GB News won its challenge on Friday to the decision of the media regulator that it had breached broadcasting codes by allowing a politician to present news — the first loss of its kind for watchdog Ofcom.
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February 28, 2025
Indian Beats Tax Fraud Extradition On Prison Extortion Fears
Sanjay Bhandari will not be extradited to India to face charges of tax evasion and money laundering as a London court ruled Friday that he would be at "a real risk" of inhumane treatment in one of the largest prisons in the world.
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February 27, 2025
Poland Can't Exclude Domestic Funds From Tax Break
The Polish government can't offer corporate tax exemptions to investment funds managed outside the country unless it offers the same benefits to domestically managed funds, the European Court of Justice ruled Thursday.
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February 27, 2025
Trader Defends Legitimacy Of £1.4B Tax Refunds In Fraud Trial
British trader Sanjay Shah and others accused by Denmark's tax authority of involvement in a fraudulent trading scheme to procure billions in tax refunds argued in a London court Thursday that they could not have fraudulently applied for the refunds because they believed the trades were legitimate.
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February 27, 2025
UK Asset Managers Told To Expect Multi-Firm Reviews
The Financial Conduct Authority has told asset managers in a "dear CEO" letter that it will start multi-firm reviews focused on the Consumer Duty and conflicts of interest in specialist areas.
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February 27, 2025
SFO Abandons Canary Wharf Move To Bolster Operations
The Serious Fraud Office has dropped plans to move its headquarters from central London to Canary Wharf to reinvest the money into its case work, including a recently created asset confiscation unit.
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February 27, 2025
FCA Abolishes Requirement For Consumer Duty Champions
The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.
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February 27, 2025
SRA Chief Exec To Retire Amid Torrid Times For Watchdog
The solicitors' watchdog said Thursday that chief executive Paul Philip will retire after more than a decade in the job, amid a turbulent period for the watchdog that has sparked calls for changes at the top.
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February 26, 2025
Law Commission Unveils Plan To Overhaul Criminal Appeals
The criminal appeals system in England and Wales needs to be reformed to allow the wrongfully convicted to successfully challenge their convictions, an independent legal body recommended on Thursday.
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February 26, 2025
Billionaire Claims HMRC Failed To Hold Lawful Tax Inquiry
HM Revenue & Customs failed to lawfully notify the right people in its investigation of tax returns for two partnerships, counsel for a hedge fund billionaire told a London court Wednesday.
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February 26, 2025
Law Firm Denies Botching Advice On Failed Flat Purchases
A law firm has denied giving negligent advice to investors regarding their failed purchases of flats in a property development, telling a London court that they helped ensure their own downfall by not exploring how risky the deals were.
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February 26, 2025
3 Fraud Reforms You Might Have Missed In The Crime Bill
Buried in legislation designed to crack down on phone thieves and anti-social behavior in the government's new crime bill are a range of reforms intended to strengthen the hand of prosecutors as they fight economic crime.
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February 26, 2025
Ex-Pupils Pursue Group Claim Against Infected Blood School
A senior judge apologized on Wednesday to former pupils of a school at the center of an infected blood scandal over the technical nature of a court hearing to decide whether a group litigation order can be granted in a claim for damages.
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February 26, 2025
Axiom Ince Crash Sparks Tougher SRA Action Against Firms
The collapse of Axiom Ince Ltd. has "spurred" the solicitors' watchdog into taking more action against law firms over suspected dishonesty and financial misconduct, according to data published on Wednesday by accountants Hazlewoods LLP.
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February 26, 2025
Lawyer Suspended For Improper Use Of Client Account
A City solicitor who was convicted in 2023 for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office has been suspended by a tribunal for improper use of a client account.
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February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps
A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
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February 25, 2025
Austrian Bankers' Extradition Bogged Down Over Toilet Space
An English court has temporarily barred the extradition of an Austrian banker to face money laundering charges in the U.S. over a Brazilian corruption scandal, saying on Tuesday it wanted assurances that his cell would meet minimum space requirements — excluding the toilet.
Expert Analysis
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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What The EU Sustainability Directive Will Mean For Companies
The European Parliament’s recent approval of the landmark Corporate Sustainability Due Diligence Directive provides welcome clarity for small and midsize enterprises regarding human rights and environmental due diligence expectations, forming part of a growing pressure on companies around the world to operate ethically and sustainably, say lawyers at Jenner & Block.
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What Can Be Learned From CMA's Green Claims Investigation
The Competition and Markets Authority's recent investigation into retailers' allegedly misleading environmental claims demonstrates that all consumer-facing businesses must exercise caution and ensure their green credentials are genuine, say Charlotte Kong and Stephen Sidkin at Fox Williams.
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The Art Of Corporate Apologies: Crafting An Effective Strategy
Public relations challenges often stop companies from apologizing amid alleged wrongdoing, but a recent U.K. government consultation seeks to make this easier, highlighting the importance of corporate apologies and measures to help companies balance the benefits against the potential legal ramifications, says Dina Hudson at Byfield Consultancy.
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AI Tools Could Enhance UK Gov't Public Services Strategy
The government’s recently announced intention to pilot artificial intelligence tools in routine policy work is part of a wider strategy to revolutionize the delivery of public services, and could improve productivity and create efficiencies, provided it is mindful of the potential risks involved, say attorneys at Akin.
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Taking Stock Of The Latest Criminal Court Case Statistics
The latest quarterly statistics on the type and volume of cases processed through the criminal court illustrate the severity of the case backlog, highlighting the need for urgent and effective investment in the system, say Ernest Aduwa and Jessica Sarwat at Stokoe Partnership.
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ICO Data Protection Guidance Offers Clarity On Fining Powers
New guidance from the Information Commissioners' Office is designed to offer transparency about its fining powers, and, combined with the office's wide-ranging enforcement authority, clearly intends to ensure breaching companies concentrate on the external harm they cause and not only internal changes, say Robert Allen and Amelia Handoll-Clark at Simmons & Simmons.
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Hugh Grant Case Raises Questions About Part 36 Offers
Actor Hugh Grant's recent decision to settle his privacy suit by accepting a so-called Part 36 offer from News Group — to avoid paying a larger sum in legal costs by proceeding to trial — illustrates how this legal mechanism can be used by parties to force settlements, raising questions about its tactical use and fairness, says Colin Campbell at Kain Knight.
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Investment Security Act Fine-Tune May Help Businesses
Although the government’s recent response to feedback on the National Security and Investment Act regime makes it clear that its approach is one of fine-tuning and substantial reforms will have to wait, there is still room to ease the burden on businesses by issuing guidance and refining the terms of mandatory area definitions, say lawyers at Linklaters.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.