New Clarity On Scope Of Banks' Quincecare Duty To Clients

A recent U.K. Privy Council decision clarified that a bank’s Quincecare duty to prevent banking fraud extends only to its customers, so third-party investors seeking protection may need to make alternative arrangements, say attorneys at Collyer Bristow.

Examining UK Commission's Corporate Crime Reform Ideas

The Law Commission of England and Wales' recent recommendation of changes to corporate criminal law is a pragmatic attempt to address the practical shortcomings with the existing identification doctrine, and is likely to be welcomed by both companies and the agencies that would be enforcing it, say Alun Milford and Matthew Burn at Kingsley Napley.

How ESG Matters Are Influencing M&A Due Diligence Trends

With a proliferation of environmental, social and governance-related regulatory developments and a desire to comply with best practice, ESG matters have become an increasingly important area of focus for both clients and advisers in M&A transactions, say attorneys at Sullivan & Cromwell.

FCA Review Offers 'Challenger Banks' Advice On Crime Risks

Challenger banks should take heed of concerns arising from the Financial Conduct Authority's review of their crime control practices, and thus prove to insurers that they have taken adequate measures to improve their risk profile, say James Wickes and Amber Oldershaw at RPC.

Changes To UK Competition Rules Will Extend CMA Powers

Recent amendments to U.K. competition and consumer law regimes introduce changes to merger control and antitrust investigations that will result in the speedier resolution of cases and greater autonomy for the Competition and Markets Authority, say Bill Batchelor and Aurora Luoma at Skadden.

EU Risk Retention Standards Final Draft Offers Clarity

The long-awaited final draft of regulatory technical standards in relation to EU risk retention provides welcome detail and clarification of the rules and due diligence requirements, and is an important step toward finalizing the EU regime in this area, says Merryn Craske at Morgan Lewis.

J5 Warning Highlights Growing Risk Of NFT-Related Crime

As NFTs increase in popularity, so does the risk of such assets being used by those looking to exploit them for criminal gain, as illustrated by the Joint Chiefs of Global Tax Enforcement's recent warning of the possible dangers, says Syed Rahman at Rahman Ravelli.

New Anti-Modern Slavery Bill Unlikely To Accomplish Goals

A new bill has been introduced to increase the accountability of organizations to tackle modern slavery, but without requiring the establishment of a corporate strategy and imposing sanctions for noncompliance, the U.K.'s response to modern slavery in general is unlikely to meaningfully improve, says Alice Lepeuple at WilmerHale.

Opinion

FCA Proposal Fails British Steel Pension Scandal Victims

The Financial Conduct Authority’s proposed redress scheme for victims of the British Steel pension misselling scandal fails to ensure those affected are compensated in full, and with many advisory firms being forced into insolvency, looks set to create further problems rather than resolve them, say Ben Rees and Alessio Ianiello at Keller Lenkner.

How New Framework Could Ease EU-US Data Transfer Burden

The recently proposed Trans-Atlantic Data Privacy Framework would facilitate the transfer of personal data between the EU and participating U.S. companies and leave the U.K. to play catch-up, but there remain risks of the same legal challenges that invalidated previous data transfer arrangements, says Fred Saugman at WilmerHale.

What EU Corporate Sustainability Plan Means For Contracts

The EU's proposed directive on corporate sustainability due diligence would have a significant impact on contractual assurances in relation to human rights and environmental impacts, says Francois Holmey at Carter-Ruck.

When Investment Funds Are Not As Green As They Suggest

With the growing demand for funds that offer sustainable investment, there is increasing potential to discover that funds have misled investors, which in certain situations could result in a claim for legal redress for misselling, say attorneys at Keller Lenkner.

How A New Law Tightens The Screw On Dirty Money In The UK

By backing up and enhancing the unexplained wealth order regime in a significant rewriting of the rules, the long-awaited Economic Crime (Transparency and Enforcement) Act should do much to improve due diligence procedures and raise the standards for foreign wealth making its way to the U.K., says Syed Rahman of Rahman Ravelli.

Opinion

The SFO Needs To Find Its Prosecutorial Mojo Again

As protracted investigations and low conviction rates continue to abound, the Serious Fraud Office has strayed too far from its original purpose as a specialist prosecuting authority to justify its existence in its current form, says David Corker at Corker Binning.

UK Ruling Is A Win For Fraud Victims At Banks' Expense

The U.K. Court of Appeal's decision in Philipp v. Barclays holds banks potentially liable for executing any payment that is suspected to be fraudulent, heightening already significant pressure on banks to identify and prevent fraud, say attorneys at Signature Litigation.