NAVEX Global (JD Supra United Kingdom)
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Setting the Tone for Bribery & Corruption Disclosure
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
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Exposing Bad Practice in Financial Services – Are New Whistleblowing Regulations Working towards Encouraging a Culture of “Speaking up”?
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...
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UK Financial Services Whistleblowing Regulation Survey: Assessing The Impact Of The FCA/PRA Senior Managers Regime Whistleblowing Rules
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
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9 Ways Brexit May Affect UK Compliance Regulations
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?
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Concerns on the New UK Whistleblower Rules
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.
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The New FCA Whistleblower Rules: What You Need to Know
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...
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Are Concerns About the UK’s New Whistleblower Rules Misplaced?
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...
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New UK Whistleblower Rules: A Roadmap
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.
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First DPA in the U.K. Signals Britain is Serious About Bribery & Corruption
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...
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U.K. Procurement Managers to Vendors: Take Cyber Security Seriously or You’re Out
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...
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Addressing the New U.K. Senior Managers’ Regime with Proven Compliance Solutions
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.
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The Future of U.K. Enforcement of Financial Crimes: Four Clues for 2015
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...
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New Year, New Focus on Enforcement: The U.K. Strengthens Anti-Bribery and Corruption Enforcement
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.
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Whistleblowers Gone Global – International Implications of the Dodd-Frank Whistleblower Programmes
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...
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Prevent Financial Misconduct Before it Begins: Five Steps to Building an Effective Business Conduct Programme in the U.K.
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”
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Deferred Prosecution Agreements Authorised & “Whistleblower” Bounties Rejected: Clues to Future Enforcement of U.K. Financial Crimes
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.
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Jail Time & Multi-National Cooperation in Investigations: Clues to Future Enforcement of U.K. Financial Crimes
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.
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U.K. Commission Says “No” to Bounties for Whistleblowers
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...
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Defining, Enforcing and Preventing Conduct Risk
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.
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Deferred Prosecution Agreements in the UK: The New Frontier for Employers
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...
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SFO and DPAs: A Good Idea Begins to Spread
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.