Photo of Katie Stephen (UK)

Katie Stephen (UK)

The SFO’s new cooperation guidance SFO Corporate Guidance – GOV.UK (published on 24 April) updates the SFO’s original cooperation guidance published in 2019 and comes ahead of the new failure to prevent fraud offence coming into force in September 2025 (see here: Failure to prevent fraud: What should you be doing before September? | Global

On 24 April 2025, the Serious Fraud Office (SFO) published new guidance for firms about self-reporting, co-operation and Deferred Prosecution Agreements (DPAs) – a timely development in light of the failure to prevent fraud offence coming into force on 1 September 2025, which the SFO has recently said it is looking

Recent regulatory activity and enforcement outcomes have highlighted the obligations on auditors to make reports to regulators in certain circumstances.  Given the web of relevant provisions, the number of bodies potentially requiring notification, the client confidentiality overlay and the pressures to which busy professionals are subject, keeping track of who should say what to whom

With less than five months to go until the new UK failure to prevent fraud offence comes into force on 1 September 2025, many organisations are conducting risk assessments and enhancing anti-fraud policies and procedures with a view to preventing fraud and providing themselves with a defence should this be necessary. 

The new offence will

On the same day as HM Treasury’s publication of an action plan setting out a ‘new approach’ to ensure regulators support growth, the Financial Conduct Authority (FCA) has sent a clear message to the financial services industry that it is prepared to tackle non-financial misconduct which it considers demonstrates a lack of integrity

FCA and PRA enforcement action covers a range of misconduct with recent outcomes including both retail and wholesale cases and findings in respect of matters as various as customer treatment, market abuse and risk management. The details of the breaches and the activity which gave rise to the issues may vary but a consistent theme

On 17 March 2025, HM Treasury (HMT) published an action plan setting out its new approach to ensure regulators and regulation support growth.

Background

HMT begins the action plan by highlighting the importance of regulation, which “underpins and impacts almost all areas of the UK economy”. It warns that the current regulatory