Regulatory and Compliance News
Allen & Overy (A&O) has advised the Bank of New York (BNY) Mellon on a Financial Conduct Authority (FCA) investigation that yesterday (15 April) saw the bank slapped with a £126m fine for breaching custody rules.
Public, police and medical negligence set Serjeants’ Inn Chambers has reported growth in fee income of 27.5 per cent for the 2014/15 financial year ending 31 March on the back of a management overhaul.
Oil and gas company Afren has drafted in both White & Case and Willkie Farr & Gallagher on a review of its expenses practices, which has led the company to report itself to the Serious Fraud Office (SFO) over fraudulent expenses payments.
The Bank of England (BoE) has hired Competitions and Markets Authority (CMA) director of enforcement Sonya Branch to replace Graham Nicholson, who will retire at the end of April.
Lawyers from all walks of the profession and all around the world are gathering in London this week to debate the key trends affecting the industry - including the role of government in preserving access to justice and how the rule of law affects the world of business.
The Serious Fraud Office (SFO) has been ordered to pay £7m in legal costs for Guildhall Chambers’ Stephen Davies QC and four other defendants cleared of fraud last year.
HSBC has instructed Berwin Leighton Paisner (BLP) for legal advice, following the leak of client accounts by whistleblower Hervé Falciani.
Travers Smith was paid £2.2m for its work on an independent inquiry into the Bank of England’s alleged foreign exchange (forex) fixing claims.
The Competition and Markets Authority’s (CMA) Cartels and Criminal Group has launched a recruitment campaign to hire in-house lawyers.
US online legal provider LegalZoom has gained UK regulatory approval having been licensed as an alternative business structure (ABS) by the Solicitors’ Regulation Authority (SRA).
The Financial Conduct Authority (FCA) has promoted lawyer and current head of enforcement Tracey McDermott as part of a structural overhaul after admitting its supervision function was “under strain”.
The Solicitors’ Disciplinary Tribunal (SDT) has kicked off a re-hearing of a case alleging former Addleshaw Goddard partner Mark Gilbert of discrepancies in expenses.
HMRC has doubled down on accountancy and law firms, issuing 1,502 disclosure notices in the last year for information on clients that are subject to criminal tax investigations.
Legacy Pannone financial director Anthony Clare has been fined £208,600 by the Financial Conduct Authority (FCA) following an investigation into mis-selling at insurer Swinton.
Freshfields Bruckhaus Deringer has been retained by Tesco in the wake of the Serious Fraud Office’s (SFO) announcement that it had opened an investigation into accounting practices at the supermarket giant.
The Serious Fraud Office (SFO) has requested an urgent cash injection of £26.5m – 75 per cent above its core budget – in order to pursue its high-profile fraud investigations and pay out compensation to the Tchenguiz brothers.
Eon head of legal Graham Line has stepped down from his role to lead the company’s response to the Competition and Markets Authority’s (CMA) probe into the energy market.
An appeal against the appointment of the judge who heard the trial of the three founders of collapsed law firm Marrache & Co is to be taken to the Privy Council after being thrown out by the Gibraltar Court of Appeal this week.
The newly-formed Competition & Markets Authority (CMA) is looking to hire a director of criminal enforcement as part of three new director roles aimed at beefing up its ability to crack down on cartels.
Accountant will not form standalone law firm, but build legal into its offering
Slaughter and May has advised Wonga on the agreement with the Financial Conduct Authority (FCA) that wrote off £220m of debt from approximately 330,000 customers this week.
Yorkshire firms Gordons and Walker Morris have recruited new department heads from national firms Irwin Mitchell and Pinsent Masons respectively.
Addleshaw Goddard’s head of fraud, regulatory and corporate crime has become the latest partner to exit the firm, resurfacing at King & Wood Mallesons SJ Berwin (KWMSJB).
Tesco has appointed Freshfields Bruckhaus Deringer to scrutinise its first-half profits, which were overstated by £250m.
Fieldfisher senior partner Matthew Lohn has been appointed to the Independent Press Standards Organisation’s (IPSO) new 12-person complaints committee.
Birketts has been exposed by the Solicitors Regulation Authority (SRA) as the subject of a scam after members of the public received emails purportedly from the UK Border Agency advising them to send money to the firm.
Hengeler Mueller has won a victory for ‘sharing economy’ taxi service Uber in a battle over whether the company can continue offering its product in the city of Hamburg.
Clyde & Co has settled a long-running whistleblowing dispute with former partner Krista Bates van Winkelhof out of court after successive cases sought to establish the validity of the claim.
The Institute of Chartered Accountants (ICAEW) has become the first non-legal entity with powers to regulate probate services and license alternative business structures (ABSs).
London Stock Exchange-owned clearing house LCH Clearnet has hired Diane Bouwmeester as its group general counsel and head of compliance.
Norton Rose Fulbright has appointed legacy Fulbright partner Lauren Leeker as its new global head of compliance, replacing London-based Jonathan Ody who stepped down from the role after nine years.
The UK’s biggest payday loans company, Wonga, is set to pay £2.6m compensation to about 45,000 customers after sending letters threatening legal action from non-existent law firms.
Today’s Supreme Court whistleblowing decision not only paves the way for partner-level whistle-blowing claims to be levelled at firms for the first time but poses further questions on the employment status of partners, employment lawyers say.
DLA Piper partner Nick West has apologised for failing to uphold professional standards after being found to have exchanged sexist emails with Premier League chief executive Richard Scudamore in revelations last week.
King & Wood Malleson’s (KWM) former Australian managing partner Tony O’Malley has launched an advisory boutique in Sydney with the firm’s former corporate, M&A and tax head Tim Blue.
Regulatory and Compliance Briefings
FATCA – impending deadlines for BVI financial institutions download subscription
This article provides a reminder of the impending deadlines and action that is required for those BVI entities that are classified as ‘foreign financial institutions’ for the purposes of FATCA.
Trustees – consider the impact of transfers on your scheme’s funding position and investment strategy.
New guidance for healthcare company directors in Canada download subscription
The OIG released new guidance to assist governing boards of healthcare organisations in the discharge of their oversight obligations regarding compliance.
Regulatory and Compliance Opinion
The growing conflagration over the investigation by world football governing body FIFA into the awarding of hosting rights for the 2018 and 2022 World Cups increasingly looks like a textbook case of how not to conduct an ethics probe.
A ground-breaking challenge brought by online travel company Skyscanner means the Competition & Markets Authority (CMA) must reconsider whether to accept legally binding promises.
Justice Minister Shailesh Vara MP on why now is the right time for the Indian legal market to finally open up.