On 6 November 2024, the government published general guidance on the new failure to prevent fraud offence and has confirmed the offence will come into effect on 1 September 2025. As expected, the guidance covers the six pillars referenced in guidance for similar “failure to prevent” offences.
Many financial services firms will be in the
The UK government has today published its long-awaited guidance to organisations on the new offence of failure to prevent fraud (here) and confirmed the offence will be in force from 1 September 2025.
Under the new offence an organisation (whether or not it is a UK organisation) may be criminally liable where an
In our latest podcast, our global Financial Services team discusses promotional messages on social media platforms, covering recent regulatory and enforcement developments in the UK, US and Dubai, as well as practical steps that global firms can be taking now in this area to manage their risk.
Listen to the episode here.
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The new failure to prevent fraud offence is due to come into force during 2025. In broad terms, in respect of the financial services community, it will mean that regulated firms of a certain size could be at risk in the event that fraud is committed for their benefit or the benefit of their clients
In our latest podcast, our global Financial Services team covers recent regulatory and enforcement developments in the UK, US, Australia and Dubai in relation to off-channel messaging, as well as practical steps that global firms can be taking now in this area to manage their risk.
Listen to the episode here.
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The resolution of two sanctions-related investigations over the last month by both the Financial Conduct Authority (FCA) and the Office of Financial Sanctions Implementation (OFSI) could signal the start of the anticipated increase in UK enforcement in respect of failings relating to financial sanctions systems and controls (in the case of
Information sharing by regulated firms
On 4 October 2024, the Department for Business & Trade published guidance (the Guidance) on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
The purpose of the Guidance is to support firms operating in the “regulated sector” within Schedule 9 of
Recent FCA outcomes and a speech by the ECB earlier this month are stark reminders that financial resilience alone is not a sufficient safeguard to operate in today’s increasingly complex risk environment – firms must have robust, resilient operational systems in place, as well. (See our comments on the ECB speech).
From an enforcement
Speak up and other internal investigations are on the rise (see our article here) amid increasing scrutiny from the media, public, authorities and other stakeholders of how investigations are conducted. Indeed, in higher profile matters the way in which an investigation is conducted can receive as much attention as the underlying issues.
The recent