NAVEX Global (JD Supra United Kingdom)

Take a look at the contexts of the top-10 FCPA fines of all time and you will soon spot a trend: mostly European-based organisations where corrupt activity has been uncovered within the day-to-day running of the business. Bribery and corruption creeps in through the disconnect between personal integrity and the pressure to bend the rules for the sake of achieving company targets. When asked about

September 2016 saw the enforcement of new rules by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) that aimed at increasing confidence amongst financial services employees and encouraging them to speak up against perceived misconduct and wrongdoing within the workplace. Prior to these guidelines coming into effect, willingness to ‘blow the whistle’ in UK firms...

NAVEX Global partnered with an independent research firm to survey compliance professionals from the UK Financial Services industry about their approach to whistleblowing and incident reporting. Our findings provide insight into the impact of the new whistleblowing rules issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). While responses were gained from

After the UK’s momentous vote to leave the European Union, the country faces two years of exit negotiations and the re-drawing of regulations. So what might Brexit mean for ethics and compliance in the UK?

The U.K.’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently began rolling out new whistleblower rules, with which financial organisations will be required to comply. These rules have not been universally welcomed, however.

In October 2015 the Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA), published new rules in relation to whistleblowing channels in banks and other financial institutions to encourage a culture in which individuals feel empowered to raise concerns and challenge poor practice and behaviour. Whilst these rules have been put in place specifically for the...

In early April, the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) began rolling out new whistleblower rules, with which financial organisations will be required to comply. These rules have not been universally welcomed, however. Indeed, according to the FCA’s Policy Statement, feedback from financial industry insiders included several concerns over the new...

Financial firms in the UK are grappling with new whistleblower requirements aimed at helping to prevent another financial crisis. And while many in the financial community are nervous about the new requirements, we believe British companies will actually benefit from implementing them.

Late last year, ICBC Standard Bank Plc, a U.K.-based financial institution with operations around the world, agreed to pay a $37 million fine and enter into a deferred prosecution agreement (DPA) with British financial authorities to end an investigation into whether it bribed government officials in Tanzania. This arrangement, the first-ever DPA in the U.K., has compliance professionals taking...

The headlines about massive cyber-security breaches just keep coming these days. Corporate giants Vodaphone, Home Depot, Talk Talk and JP Morgan Chase have all been hacked—to and they're far from the only ones.. But the reality is that hackers aren’t just going after the big companies. All businesses are at risk, regardless of size, industry or location. This means every company must make...

It’s less than a year to go until the U.K. Senior Managers Regime (SMR) comes into effect (the official date is March 7, 2016). The regime, part of the Financial Services (Banking Reform) Act 2013, aims to counter the toxic behaviour within financial services firms that led to the crippling 2008-2009 financial crisis.

The legal and compliance landscape is changing quickly—it’s up to organisations that do business in the U.K. to strengthen their compliance programmes to meet these new challenges. In this whitepaper, Andrew Foose, vice president of NAVEX Global’s Advisory Services team, analysed recent legal developments in the U.K. and uncovered four valuable clues on how enforcement of financial crimes...

U.K. regulators have started 2015 with a bang, promising increased cooperation among regulatory agencies, and tougher enforcement of financial crimes, with an emphasis on anti-bribery and corruption efforts.

Organisations in the U.K. breathed a collective sigh of relief this summer when the commission formed by the Bank of England and the U.K. Financial Conduct Authority (FCA) recommended against the implementation of U.S.-style whistleblower bounties in the U.K. However, the latest annual report from the U.S. Securities and Exchange Commission (SEC) has put the spotlight back on international...

In the third of three posts on the future enforcement of U.K. financial crimes, we explore how to prevent misconduct before it begins by implementing an effective business conduct programme... Each of the four trends related to enforcement of financial crimes in the U.K. underscores the need for businesses to have an effective business conduct programme that encourages a healthy, “speak-up”

In the second of three posts on the future enforcement of U.K. financial crimes, we explore the implications of enforcement actions related to financial crime in the U.K. To see all four clues and a roadmap for implementing an effective business conduct programme, download the related white paper at any time.

In the first of three posts on the future enforcement of U.K. financial crimes, we explore the implications of enforcement actions in the U.K. To see all four clues and a roadmap for implementing an effective business conduct programme, download the related white paper at any time.

The United Kingdom’s Parliament has been considering offering whistleblower bounties similar to those offered under the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. A commission formed by the Bank of England and the UK Financial Conduct Authority spent time with U.S. regulators to investigate the benefits and the drawbacks of this type of legislation. The commission’s...

An international focus on defining, preventing, and understanding the concept of “conduct risk” has become problematic for financial services organisations in the UK and beyond—in part because the term is not yet clearly defined.

Deferred prosecution agreements (DPAs) are a relatively new law-enforcement tool in the UK, only becoming effective this past February under the Crime & Courts Act 2013. In the opening of his speech at the Annual Employed Bar Conference last month, the Serious Fraud Office (SFO) General Counsel Alun Milford, proclaimed that “much has changed within the last three years” in regards to...

Last Thursday, the U.K. Serious Fraud Office released a draft Deferred Prosecution Agreement Code of Practices (Code) for comment. The draft Code represents a significant milestone for ethics and compliance in general, and underscores the importance of an effective ethics program.