Compliance fines bite financial services firms

Compliance fines and regulatory lapses continued to bite financial services firms hard in 2022.  

The Financial Conduct Authority (FCA), the industry watchdog, posted over £215 million worth of fines on its website for 2022. Santander received the biggest Read more

Businesses are out of step on biodiversity

Businesses are out of step on biodiversity as the world sets landmark targets to address the issue.

Nations agreed to protect a third of the planet for nature by 2030 at December 2022’s COP15 UN biodiversity summit in Montreal, Read more

EU strengthens regulation targeting deforestation

The European Union has agreed to strengthen regulation targeting products that contribute to deforestation.

New regulation aims to set strong, mandatory due diligence rules for companies importing to or exporting from Europe. Businesses will need to prove that their Read more

Financial firms struggling to quantify climate-related risk

Financial firms are struggling to quantify climate-related risk, according to the sector watchdog the Prudential Regulatory Authority (PRA).

After analysing audit reports for 2021-2022, it wrote to firms in October highlighting key areas of note. Firms have taken action Read more

UK Government to crack down on fraud

The UK Government is to crack down on fraud by reforming Companies House and strengthening anti-money laundering powers.

Proposals contained in a new Bill – the Economic Crime (Transparency and Enforcement) 2022 Act (ECTE) – specifically targets “foreign elites” Read more

Europe cracks down on forced labour

The European Union plans to crack down on forced labour by banning products made by victims of modern slavery.

The proposals cover products made in the European Union (EU) and imports that use such labour. They target goods in Read more

ESG disclosure needs more detail

ESG disclosure by US fund managers needs more detail if it is to be meaningful, according to market insight consultancy Util.

It said managers using the UN Sustainable Development Goals must report on the Environment, Social and Governance Read more

UK and Hungary governments launched windfall taxes

The governments of the UK and Hungary launched windfall taxes to tackle the rises in living costs because of soaring energy prices.

In the UK, chancellor Rishi Sunak announced a 25 per cent energy profit levy, which increased taxes Read more