Regulatory updates

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Regulatory Radar: quick takes - November 2024

Published on 11 November 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the November 2024 of our bi-monthly Regulatory Radar: quick takes, which pulls together the latest developments from across the UK's regulators.

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Failure to prevent fraud: key guidance released

Published on 08 November 2024. By Sam Tate, Partner and Thomas Jenkins, Senior Associate and Robert Semp, Associate

Signpost pointing in different directions

On 6 November 2024, the Home Office released its much-anticipated guidance on the new failure to prevent fraud offence and the procedures that organisations can implement to prevent associated persons from committing fraud offences. Running to 44 pages, this guidance is crucial as it provides a framework for large organisations to establish effective fraud prevention measures.

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Government consults on regulation of Buy-Now Pay-Later products

Published on 25 October 2024. By Whitney Simpson, Of Counsel and Lucy Hadrill, Associate

In 2021, HM Treasury announced its intention to regulate certain unregulated buy-now pay-later (BNPL) products in the UK. This followed recommendations made in the Woolard Review which raised concerns about the increased use of BNPL products during the pandemic and the significant risk that these unregulated credit products could cause consumer harm.

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FCA consults on changes to the payments safeguarding regime

Published on 24 October 2024. By Whitney Simpson, Of Counsel and Lucy Hadrill, Associate

Under the Payment Services Regulations 2017 (PSRs) and the E-Money Regulations 2011 (EMRs) payment institutions (PIs), electronic money institutions (EMIs), small EMIs and credit unions are required to protect "relevant funds" which they receive when making a payment or in exchange for e-money that has been issued. Current safeguarding requirements are set out in the PSRs and EMRs, with guidance contained in the Financial Conduct Authority's (FCA) Approach Document.

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Financial Crime Time - Your update from RPC: 2024 Q3

Published on 25 September 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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First conviction under section 2 CJA 1987 overturned – RPC Analysis

Published on 23 September 2024. By Sam Tate, Partner

Signpost pointing in different directions

On 16 September 2024, the first conviction for failure to comply with a notice to provide documents or information required by the Serious Fraud Office ("SFO") was overturned by Judge Nicholas Rimmer at Southwark Crown Court. Although this case was highly fact specific, it may result in a less enthusiastic approach towards pursuing such convictions in the future.

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Regulatory Radar: quick takes - September 2024

Published on 09 September 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the September 2024 of our bi-monthly Regulatory Radar: quick takes, which pulls together the latest developments from across the UK's regulators.

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The Corporate Sustainability Due Diligence Directive expert briefing

Published on 08 July 2024. By Sam Tate, Partner and Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead and Thomas Jenkins, Senior Associate and Robert Semp, Associate and Sarah Barrie, Associate and Eve Matthews, Associate

The Corporate Sustainability Due Diligence Directive (CSDDD) was adopted on 24 May 2024 and was published in the Official Journal of the EU on 5 July. This means the law will enter into force 20 days later on 26 July, and will apply to companies from 2027.

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Regulatory Radar - June 2024

Published on 27 June 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the June 2024 edition of RPC’s bi-annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.

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Financial Crime Time - Your update from RPC: 2024 Q2

Published on 25 June 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Regulatory Radar: quick takes - May 2024

Published on 07 May 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the May 2024 edition of our bi-monthly Regulatory Radar: quick takes, which pulls together recent developments from across the UK’s regulators.

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Financial Crime Time - Your update from RPC: 2024 Q1

Published on 27 March 2024. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Regulatory Radar: quick takes - March 2024

Published on 04 March 2024. By Gavin Reese, Partner, Head of Regulatory

Welcome to the latest edition of our bi-monthly Regulatory Radar: quick takes, which pulls together recent developments from across the UK’s regulators.

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Regulatory Radar - January 2024

Published on 08 January 2024. By Gavin Reese, Partner, Head of Regulatory

Hello and welcome to the January 2024 edition of RPC’s bi-annual Regulatory radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.

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Financial Crime Time - Your update from RPC: 2023 Q4

Published on 14 December 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Regulatory update - November 2023

Published on 17 November 2023. By Gavin Reese, Partner, Head of Regulatory

Welcome to the November edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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The Economic Crime and Corporate Transparency Act: the clock is ticking for companies to prepare

Published on 14 November 2023. By Sam Tate, Partner and Thomas Jenkins, Senior Associate

Significant changes to the English law of corporate criminal liability have been introduced as part of the Economic Crime and Corporate Transparency Act 2023 (the Act), which received royal assent on 25 October 2023.

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Regulatory update - September 2023

Published on 29 September 2023. By Gavin Reese, Partner, Head of Regulatory

Welcome to the September edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Financial Crime Time - Your update from RPC: 2023 Q3

Published on 14 September 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Ransoms and Sanctions and Fines (oh my!)

Published on 04 September 2023. By Richard Breavington, Partner

Ransomware attacks are happening all the time. Just the other month, the Cl0p ransomware gang claimed responsibility for the exploitation of a zero-day vulnerability in the MOVEit Transfer tool.

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Regulatory Radar 2023

20 July 2023

Hello and welcome to the 2023 edition of RPC’s bi-annual Regulatory Radar – a guide to the key regulatory changes worth having on your radar. We hope this will be a useful resource, helping you scan the regulatory horizon and highlight changes that could impact your business.

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Regulatory update - July 2023

Published on 14 July 2023. By Gavin Reese, Partner, Head of Regulatory

Welcome to the July edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Compliance Handbook Update: Bribery and corruption

Published on 20 June 2023. By Sam Tate, Partner and Alexandra Prato, Associate

The handbook emphasises providing compliance practitioners with insight into the practical application of FCA and PRA rules. Each chapter is discussed in the statutory and regulatory context with practical analysis of the subject, together with tips and guidance that firms may find helpful.

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Financial Crime Time - Your update from RPC: 2023 Q2

Published on 13 June 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Going Green – staying on the right side of competition law

Published on 15 May 2023. By Melanie Musgrave, Of Counsel

Environmental issues are high on the agenda for many consumers and businesses alike. They are also increasingly an area of focus for competition authorities around the world, including the Competition and Markets Authority (CMA), who are keen to ensure that competition law concerns do not unnecessarily prevent businesses from collaborating legitimately on environmental sustainability initiatives.

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Regulatory update - May 2023

Published on 15 May 2023. By Gavin Reese, Partner, Head of Regulatory

Welcome to the May edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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The Digital Markets, Competition and Consumers Bill – What's New on the Competition Side?

Published on 05 May 2023. By Melanie Musgrave, Of Counsel

In addition to the headline landscape reforms to digital markets and consumer protection, the much-anticipated Digital Markets, Competition and Consumers Bill (the Bill), introduced into Parliament on 25 April 2023, makes wide-ranging enhancements to the competition powers of the Competition and Markets Authority (the CMA) and changes to the UK merger regime.

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Game Changing Corporate Offence of Failure to Prevent Fraud: RPC Analysis and Practical Guidance

Published on 25 April 2023. By Sam Tate, Partner and Thomas Jenkins, Senior Associate

On 11 April, the highly anticipated failure to prevent fraud offence was introduced in an amendment to the Economic Crime and Corporate Transparency Bill (the Economic Crime Bill or the Bill). Although there has been much discussion of this potential offence since the start of this year, this amendment is significant as it is the first time that structure and detail of the offence has been formally included in the Bill.

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Financial Crime Time - Your update from RPC: 2023 Q1

Published on 31 March 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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The Regulatory Initiatives Grid - consumer credit and payments

Published on 23 March 2023. By Whitney Simpson, Of Counsel

The latest Regulatory Initiatives Grid was recently published by the FCA and sets out the regulatory pipeline over a 24-month horizon to help firms and other stakeholders manage the operational impact on firms implementing initiatives, and plan forthcoming initiatives.

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Regulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid

Published on 21 March 2023. By Jonathan Charwat, Partner

The FCA recently published the fourth edition of its annual overview and plan for ongoing and upcoming regulatory initiatives (143 in total!)

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Regulatory update - March 2023

Published on 06 March 2023. By Gavin Reese, Partner, Head of Regulatory

Welcome to the March edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Financial crime: legislative predictions for the year ahead

Published on 16 February 2023. By Adam Craggs, Partner and Michelle Sloane, Partner

Sam Tate, Head of our White Collar Crime Team, and Kate Langley explores potential developments that in-house counsel and practitioners should consider in 2023.

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2023 Update - CAT Collective Proceedings

Published on 10 February 2023. By Chris Ross, Partner

A new era of consumer-focussed competition class actions is now well underway. It kicked off with the first collective proceedings order (CPO) granted by the Competition Appeal Tribunal (CAT) in Merricks in the summer of 2021, opening the gates for further collective claims to be certified.

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Financial Crime Time - Your update from RPC: 2022 Q4

Published on 20 December 2022. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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Changes incoming - Improving the Appointed Representatives regime

Published on 24 November 2022. By Whitney Simpson, Of Counsel and Angela Udeh, Associate

The FCA's changes to improve the appointed representatives regime takes effect on 8 December 2022. The changes are aimed at enhancing consumer protection and placing more responsibility on authorised financial services firms ("Principals") for their appointed representatives ("ARs").

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Regulatory update - September 2022

Published on 27 September 2022. By Gavin Reese, Partner, Head of Regulatory

Welcome to the September edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Financial Crime Time - Your update from RPC: 2022 Q3

Published on 20 September 2022. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that are of interest and which may affect your business.

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US and Chinese regulators sign landmark agreement on inspection of Chinese audit work

Published on 02 September 2022. By Antony Sassi, Managing Partner, Asia and Samuel Hung, Partner and Jennifer Leung, Associate

On 26 August 2022, the US Public Company Accounting Oversight Board (PCAOB) and the PRC China Securities Regulatory Commission (CSRC) and Ministry of Finance (MoF) signed a Statement of Protocol that would allow US regulators access to audits of Chinese companies listed on the US stock exchanges.

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Regulatory update - July 2022

Published on 04 July 2022. By Gavin Reese, Partner, Head of Regulatory

Welcome to the July edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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The Powerful And The Penalised

Published on 27 June 2022. By Graham Reid, Partner and Alifya Bharmal, Associate

With SRA fining powers set to increase by a factor of twelve, we look at the changes being introduced and the impact they will have.

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Financial Crime Time - Your update from RPC: 2022 Q2

Published on 14 June 2022. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.

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Regulatory update - March 2022

04 April 2022

Welcome to the March edition of the Regulatory update, which pulls together recent developments from across the UK’s regulators to help you navigate the regulatory maze.

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Financial Crime Time - Your update from RPC: 2022 Q1

Published on 30 March 2022. By Adam Craggs, Partner and Michelle Sloane, Partner

Welcome to the latest edition of our round-up of news making the headlines in the world of financial crime and compliance. Our aim is to give you an easily digestible, bite-sized overview of issues that may affect your business.

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Duties of Care to Third Parties in Tax Avoidance Schemes – Disappointment for Investors in McClean as Zacaroli, J Rejects Claims

Published on 16 March 2022. By Laura Stocks, Partner and Nick Bird, Partner and Charlotte Thompson, Associate

Mr Justice Zacaroli has now handed down his judgment in David McClean and others v Andrew Thornhill QC [2022] EWHC 457 (Ch) - a ~£40m claim by investors in a tax scheme against one of the leading tax barristers in the country. The judge dismissed the claim in its entirety holding, amongst other things that the barrister did not owe a duty of care to the investors.

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Operational Resilience - preparations for 31 March 2022

Published on 15 March 2022. By Whitney Simpson, Of Counsel

The deadline of 31 March 2022 is approaching when new rules on operational resilience come into force.

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Tackling economic crime and sanctions evasion

Published on 08 March 2022. By Lucy Kerr, Senior Associate

The draft Economic Crime Bill is now on its way to the House of Lords, having received cross-party approval in the House of Commons.

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Russian sanctions: Immediate practical steps

Published on 01 March 2022. By Sam Tate, Partner

At RPC we have years of experience of Russian sanctions and advising companies on sanctions compliance programmes.

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Hong Kong – Appeal case reviews adequacy of regulator’s reasons not to proceed with complaint

Published on 18 February 2022. By Samuel Hung, Partner and Jennifer Leung, Associate

In Ng Shek Wai v HKICPA , the Court of Appeal reviewed the adequacy of the reasons for a regulator's decision that there was no prima facie case of professional misconduct. The issue arose in the context of an application for judicial review.

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White-collar crime and compliance predictions for 2022

Published on 03 February 2022. By Sam Tate, Partner

In a blink of an eye, we are moving into a new spring with a new set of challenges and opportunities facing businesses. Here are RPC's three white-collar crime and compliance predictions for 2022…

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