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Failure to prevent fraud: key guidance released

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

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.

The EU Compliance headache you don't know you have? A priority primer on the European Accessibility Act

Published on 31 Oct 2024. By Oliver Bray, Senior Partner and Hettie Homewood , Senior Associate

It is now less than a year until the EU Accessibility Act (EAA) comes into force, which will require businesses to ensure a range of products (eg smartphones and computers) and services (eg e-commerce services, consumer banking services, and ebooks) are accessible for persons with disabilities.

ClientEarth challenges claims made by BlackRock in its sustainable funds

Published on 28 Oct 2024. By James Wickes, Partner and Catherine Zakarias-Welch, Knowledge Lawyer

Not only are regulators clamping down on greenwashing but, as previously highlighted, ClientEarth, a non-profit international environmental law organisation, also has this issue squarely in its sights.

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

Published on 25 Oct 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.

FCA consults on changes to the payments safeguarding regime

Published on 24 Oct 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.

Seeing the wood for the trees: preparing for new deforestation due diligence rules in the UK and EU

Published on 24 Oct 2024. By Sophie Tuson, Senior Associate, Environment and Climate Change Practice Lead

Financial Crime Time - Your update from RPC: 2024 Q3

Published on 25 Sep 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.

First conviction under section 2 CJA 1987 overturned – RPC Analysis

Published on 23 Sep 2024. By Sam Tate, Partner

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.

Uncertainty around the mandatory reimbursement cap for APP frauds – a new headache for FI firms and their insurers?

Published on 09 Sep 2024. By James Wickes, Partner and Aimee Talbot, Knowledge Lawyer

New regulations coming on 7 October 2024 will force payment firms to reimburse victims of authorised push payment (APP) fraud up to a set limit. On 4 September 2024, the Payment Systems Regulator (PSR) announced a consultation proposing to set this limit at £85,000, vastly reduced from the previously proposed £415,000 cap. This is a potential headache for insurers as the level of the cap will impact assessment of risk and apportionment of liability between sending and receiving payment firms – and the industry will only have 7 days to prepare.

Regulatory Radar: quick takes - September 2024

Published on 09 Sep 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.

RICS disciplinary process: an overview for surveyors

Published on 27 Aug 2024. By Ben Goodier, Partner and Emma Wherry, Senior Associate and Sarah O'Callaghan, Senior Associate and Laura Sponti, Associate

Download our complete guide to the procedure involved in a disciplinary investigation against a chartered surveyor.

Further welcome news from the FCA – this time on co-manufacturing

Published on 08 Aug 2024. By Jonathan Charwat, Partner and Lauren Murphy, Senior Associate

Following on from our earlier blog, our review of the FCA's 'Discussion Paper' (DP24/1) continues, this time considering the rules relating to co-manufacturers of insurance products.

Potential deregulation and a pragmatic approach to commercial insurance – welcome news from the FCA

Published on 01 Aug 2024. By Jonathan Charwat, Partner and James Houlihan, Associate

The FCA has published a 'Discussion Paper' (DP24/1) seeking feedback on its rules on commercial insurance including in respect of the types of commercial customers in-scope, co-manufacturing of products and bespoke insurance products.

New Labour government – what is in store for the UK?

Published on 09 Jul 2024. By Rachael Healey, Partner

We have a new Labour Party government for the first time in 14 years. The new government has already made various announcements, with more set to follow in the coming days, and then we have the King’s Speech on 17 July, when the Labour Party will set out its opening legislative agenda – but what can we expect from the new government impacting services regulated by the Financial Conduct Authority, pensions and accountants?

The Corporate Sustainability Due Diligence Directive expert briefing

Published on 08 Jul 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.

Regulatory Radar - June 2024

Published on 27 Jun 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.

Financial Crime Time - Your update from RPC: 2024 Q2

Published on 25 Jun 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.

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.

Financial Crime Time - Your update from RPC: 2024 Q1

Published on 27 Mar 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.

Regulatory Radar: quick takes - March 2024

Published on 04 Mar 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.

Regulatory Radar - January 2024

Published on 08 Jan 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.

Financial Crime Time - Your update from RPC: 2023 Q4

Published on 14 Dec 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.

Regulatory update - November 2023

Published on 17 Nov 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.

Regulatory update - September 2023

Published on 29 Sep 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.

Financial Crime Time - Your update from RPC: 2023 Q3

Published on 14 Sep 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.

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 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.

Ransoms and Sanctions and Fines (oh my!)

Published on 04 Sep 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.

The November 2023 AI safety summit and the UK's direction of travel

Published on 29 Aug 2023. By Helen Armstrong, Partner and Charles Buckworth, Partner and Joshy Thomas, Knowledge Lawyer

The government has confirmed that the UK AI safety summit will be held at Bletchley Park on 1 and 2 November 2023.

Telecoms supply agreement excludes "loss of profit" claim under "anticipated profits" liability exclusion (EE v Virgin Mobile)

Published on 25 Aug 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

In line with a number of recent cases, in EE Limited v Virgin Mobile Telecoms Limited [2023] EWHC 1989 (TCC) the courts have shown that parties generally cannot avoid clear wording contained in exclusion clauses in order to recover losses that have been expressly excluded (in this case, loss of profits).

Rolls-Royce entitled to hit the brakes in dispute over termination of a software services agreement (Topalsson v Rolls-Royce)

Published on 14 Aug 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

In Topalsson GmbH v Rolls-Royce Motor Cars Limited [2023] EWHC 1765 (TCC), the High Court has provided useful guidance on how to determine whether a software implementation timeline agreed by the parties is binding, when implementation is considered complete and in what circumstances failing to complete implementation by the contractual deadlines entitles the customer to terminate the contract.

A narrow escape – software services provider entitled to rely on single aggregate liability cap (Drax v Wipro)

Published on 25 Jul 2023. By Helen Armstrong, Partner and Joshy Thomas, Knowledge Lawyer

When it comes to bespoke software development projects, a lot can go wrong. There's risk for the customer such as project delays, software defects, functionality issues and a lack of meeting of minds in terms of project requirements.

Regulatory Radar 2023

Published on 20 Jul 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.

Regulatory update - July 2023

Published on 14 Jul 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.

Compliance Handbook Update: Bribery and corruption

Published on 20 Jun 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.

Anti-Slapps amendments are 'potentially very significant' for protecting defendants from 'ruinous' claims

Published on 13 Jun 2023. By Rupert Cowper-Coles , Partner

'Journalists and whistleblowers should not face the prospect of bankruptcy and losing their home for doing their job'

Financial Crime Time - Your update from RPC: 2023 Q2

Published on 13 Jun 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.

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.

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.

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.

Financial Crime Time - Your update from RPC: 2023 Q1

Published on 31 Mar 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.

The Regulatory Initiatives Grid - consumer credit and payments

Published on 23 Mar 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.

Regulatory pipeline 2023 and beyond – the Regulatory Initiatives Grid

Published on 21 Mar 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!)

Regulatory update - March 2023

Published on 06 Mar 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.

Financial crime: legislative predictions for the year ahead

Published on 16 Feb 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.

Number of fines issued by the FCA more than doubled in 2022

Published on 04 Jan 2023.

The FCA issued 26 fines in 2022, compared to just 10 in 2021 The FCA is sending a clear message: misconduct will not be tolerated

Financial Crime Time - Your update from RPC: 2022 Q4

Published on 20 Dec 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.

Changes incoming - Improving the Appointed Representatives regime

Published on 24 Nov 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").

Regulatory update - September 2022

Published on 27 Sep 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.

Financial Crime Time - Your update from RPC: 2022 Q3

Published on 20 Sep 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.

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

Published on 02 Sep 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.