Law and regulation

Insight / Conducting an internal investigation: tips and advice

Nicola Sharp and Syedur Rahman, senior associate solicitors at Rahman Ravelli, explain the value of internal investigations and the importance of carrying them out correctly, outlining the various processes when interviewing staff, collecting evidence and dealing with wrongdoing

Insight / Hike in number of director disqualifications

The number of British company directors to be disqualified increased for the third year running to 1,231 in 2017/18, according to analysis from Moore Stephens which also shows that bans for disqualified directors are getting longer

Audit / FCA issues listing rules for sovereign-controlled companies

The Financial Conduct Authority (FCA) has finalised rules creating a new category within its premium listing regime to cater for companies controlled by a shareholder that is a sovereign country, opening the way for government owned businesses to list in the UK

Accounting / Record £400m money laundering fine for Australia’s biggest bank

The Commonwealth Bank of Australia (CBA), Australia's largest lender, is to pay a record A$700m (£400m) fine for breaching anti-money laundering (AML) and counter-terror financing (CTF) laws over several years, after an investigation found the bank had failed to report millions of dollars of suspect transactions

Insight / Treasury consults on pre-paid funeral plan sector

The Treasury is to consult on tougher regulation for the pre-paid funeral plan sector, including proposals to bring the market into the supervision of the Financial Conduct Authority (FCA), in a bid to protect grieving and vulnerable people from aggressive sales tactics and poor financial advice

Insight / Data Protection Act 2018 enacts GDPR rules

The government has passed the Data Protection Act 2018, which ushers in major changes in the way companies handle and process personal data, under the General Data Protection Regulation (GDPR) effective 25 May

Insight / FCA and Insolvency Service pledge closer working

The Financial Conduct Authority (FCA) and the Insolvency Service have pledged to increase their collaboration around enforcement activities by signing a memorandum of understanding (MoU) designed to ensure greater coordination in the work of the two organisations

Insight / Global cost of fraud tops £3 trillion

Companies are losing an average of 7% of their annual expenditure to fraud, which is now costing the UK £110bn a year, while the global cost has topped £3 trillion, according to research from Crowe Clark Whitehill, together with the University of Portsmouth’s Centre for Counter Fraud Studies (CCFS)

Insight / Failure to report on PSC register risks criminal prosecution

Companies House is sending out reminders to companies and individuals who have failed to publish their ownership information on the people with significant control (PSC) register before their details are passed to the Insolvency Service’s criminal enforcement team

Insight / Collective redundancy and insolvency guidance updated

The Insolvency Service is to publish guidance for employers and insolvency practitioners to clarify how to manage staff redundancies during insolvency to address incompatibilities between insolvency and employment law identified in a call for evidence

Accounting / Thousands of companies avoid disclosing ultimate ownership

Despite efforts to force companies to disclose their ownership through the PSC register, tens of thousands of British companies are still not complying with the rules brought in to counter fraud and money laundering

Insight / The Pensions Regulator commits extra funding to regulatory work

The Pensions Regulator (TPR) plans to toughen up its regulatory approach to failing and high risk pension schemes over the next three years as it increases the budget for monitoring and compliance following a spate of pension failures

Insight / ICAEW issues GDPR guidance for accountants

ICAEW has issued guidance and a quick checklist for accountants to ensure they comply with the General Data Protection Regulations, due to come into force on 25 May

Accounting / Late filing by charities leaves £42m in exposed donations

The Charity Commission has flagged accounting failures at a quarter of charities that failed to provide annual reports and accounts for two years or more, and subsequently went into default

Insight / Charities need to comply with GDPR data rules

The Charity Commission is stressing that charities must get to grips with the General Data Protection Regulations (GDPR), which become law on 25 May 2018