Dealing with regulators

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This subtopic contains practical guidance for commercial organisations on dealing with regulators, particularly when things go wrong. For each particular regulator, it covers issues such as:

Who/what is the regulator?
Summary of statutory or regulatory objectives (if any)
Is there a system of random compliance checks/visits?
Does the regulator have a formal enforcement strategy—if so, which parts of it are of relevance?
Common breaches
When and how to self-report to the regulator
Overlap

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Latest Risk & Compliance News

New Risk & Compliance forecast as at 20 November 2024

Our new Risk & Compliance forecast (as at 20 November 2024) is now live. This month we report on items including: (1) publication of the long-awaited government guidance on the failure to prevent fraud offence; (2) consultation by the Financial Action Task Force (FATF) on proposed changes to FATF Standards and updates to grey listing criteria by FATF to increase focus on risk; (3) updates on the Data (Use and Access) Bill and Employment Rights Bill, and (4) three new consultations from the Solicitors Regulation Authority (SRA) on client money management and consumer protection.

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

Risk & Compliance weekly highlights—21 November 2024

This week's edition of Risk & Compliance weekly highlights includes: the latest financial sanctions updates, an updated list of businesses not compliant with money laundering regulations from HM Revenue & Customs (HMRC), initiation of a consultation for legal regulators to combat economic crime by the Legal Services Board (LSB) and final versions of a suite of new guidance to support in-house solicitors from the SRA.

Failure to prevent fraud—Statutory guidance

Corporate Crime analysis: Following a wait of nearly 12 months since the failure to prevent fraud (FTPF) offence was enacted, the government has now issued the statutory guidance on the procedures which companies are expected to implement for the purpose of preventing the relevant underlying fraudulent conduct by persons associated with them and, where such conduct occurs, providing a potential defence to the offence . Written by John Binns and Alexander Gorst at BCL Solicitors LLP.

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