Regulatory update - October 2020

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

The past few weeks have been an extremely interesting time from a regulatory perspective. As the “FinCEN leak” story broke, it also emerged that fines from AML failures so far this year have already surpassed the total amount from last year. HMRC has introduced draft legislation that will see its information gathering powers increase, and the ICO has launched a consultation on the details of how it will regulate and enforce data protection legislation. The Government is consulting on a new law to clean up supply chains, and the High Court has handed down its judgment in the FCA business interruption insurance test case.

I hope you enjoy reading this latest update. Please do not hesitate to contact me, or your normal RPC contact, if you would like to discuss any of the topics highlighted or have any suggestions for areas you would like to see in future updates.