VinciWorks

Has the SRA shifted its focus?

The SRA updated its sectoral risk assessment. Here’s what your firm needs to consider

Money laundering and the financing of terrorism are risks to most firms and the means by which criminals target law firms to commit these crimes are becoming increasingly sophisticated. Solicitors are forced to keep pace with the methods of financial crime – to adhere to regulations and to protect their clients and the public interest. Unsurprisingly, the Solicitors Regulation Authority (SRA) encourages firms to undertake regular risk assessments.

This past March, the SRA updated its sectoral risk assessment on anti-money laundering (AML) and terrorist financing. Law firms are required to take a risk-based approach, which means that they need to assess their risks and focus their resources on the areas or products that are most likely to be used in financial crime.

ECCTA marches towards implementation

The new act, which demonstrates a shift in the UK’s approach to economic crime and corporate governance, is in its first phase of enactment

The Economic Crime and Corporate Transparency Act (ECCTA) is a significant piece of UK legislation that aims to tackle economic crime and improve corporate transparency by strengthening the regulatory framework, increasing accountability and ensuring that companies operate in an open manner.

“This is one of the most significant moments for Companies House in our long history,” stated Louise Smyth, Chief Executive and Registrar of Companies, referring to the ECCTA’s passing.

Compliance
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6 min read

The General Election and Compliance: What will a Labour government mean for UK supply chains?

The Labour party says if it wins, it aims to strengthen the resilience of supply chains. Here’s what that means for your company

On July 4, the UK is going to the polls and it is widely expected that the public will vote in Labour to lead its next government. The Labour party says that the defining mission of its leadership will be to restore growth. What does that mean for the supply chains of UK companies?

In a document, Prosperity through Partnership: Labour’s Industrial Strategy, the party laid out its mission for the UK’s economy. Within that mission is a stated goal to “strengthen the resilience of supply chains in key sectors.”

Thought Leadership
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7 min read

The General Election and Compliance: What are Labour’s plans for higher and further education?

When the UK goes to the polls on July 4th, the Labour party is expected to win the election by a large margin. A labour government would likely mean a significant shift in the UK’s regulatory priorities. What does the Labour party have planned in the area of higher and further education and what does this mean for the higher education sector?

Labour has promised to establish high-quality apprenticeships and specialist technical colleges, as well as implement a modern curriculum so young people are ready for work and life.

In addition, the party has pledged to reform further and higher education. Here are their key promises for skills, training and education:

The General Election and Compliance: What are Labour’s plans for sanctions?

Labour is way ahead in the polls and largely predicted to win the UK’s July 4 general election. What has the Labour party said about sanctions and how might it affect your business?

David Lammy, shadow foreign secretary, set out his party’s plans for Britain’s fight against financial crime at a UK hosted summit to highlight the issue. At the summit, he warned that allies in the US, Ukraine, Africa and the Caribbean have raised concerns about the UK’s approach to corruption and perceived loopholes in its sanctions regime: “Our security partners see us not only failing, but too often enabling Russian kleptocrats to grow stronger.”

Mental Health
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6 min read

The General Election and Compliance: What will a Labour government mean for mental health policy?

The Labour party promises to overhaul the way mental health is managed. Here’s how

According to shadow health secretary Wes Streeting, there’s been an increase in mental ill health under the Tories and it is costing Britain £23 billion per year.

He writes: “Stress, depression and anxiety account for 17 million lost workdays every year. There are now three million people out of work for long-term sickness, almost half of whom suffer with mental health problems. The cost in lost economic output, if nothing changes and the Conservatives are given another five years, will total £115 billion…Our sick society is holding back Britain’s economy.”

The Labour party says it will change the approach to mental health care if it wins on July 4. What does this mean for employers?

tax policy
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6 min read

The General Election and Compliance: What will a Labour government mean for taxes?

The Labour party says they will make the tax system fairer. Here’s how they plan to do that

The general election looms on July 4 and with it an increasingly likely prospect that a Labour government will be voted in. Tax policies are typically one of the most charged items of any political party and with the UK’s tax burden currently at its highest since World War Two it’s important to understand how the party plans to approach taxes.

Modern Slavery Modern Slavery Act Thought Leadership
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5 min read

The General Election and Compliance: What does a Labour government have planned for combating Modern Slavery?

When UK citizens go to the polls on July 4, Labour is widely expected to win by a landslide, which will mean changes are anticipated in many sectors. What has Labour pledged to do about tackling the issue of modern slavery and supply chains?

What is modern slavery?

Modern slavery is the term used to describe some of the world’s worst forms of exploitation, including human trafficking, domestic servitude, child labour, debt bondage, forced marriage, sexual exploitation and more. It is estimated that as many as 40 million people are now trapped in modern slavery worldwide, more than at the peak of the transatlantic slave trade in the 1800s.

A number of countries have enacted tough legislation to combat modern slavery in the corporate world by increasing transparency in companies’ supply chains.

Modern slavery acts in the UK, EU, US, and other countries around the world require large companies to publicly disclose information about their efforts to eradicate human trafficking and slavery within their supply chains. These statements must include a report of the steps taken during the past financial year to ensure that these human rights violations are not taking place in any part of the business or its trading partners. It is expected that a growing number of countries will adopt similar legislation in the future.

Thought Leadership
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3 min read

The General Election and Compliance: What are Labour’s plans for diversity tracking requirements

When UK citizens go to the polls on July 4, Labour is set to win by a large margin. What are Labour’s plans for public sector equality and diversity tracking requirements?

The Equality Act 2010 includes the public sector equality duty. This requires public bodies, including education institutions, to:

Prioritise the need to eliminate discrimination, harassment, and victimisation
Advance equality of opportunity
Foster good relations between people with different traits listed as protected characteristics

As part of Labour’s plans to end pay discrimination at work, Labour pledges to strengthen Equality Impact Assessments for public sector bodies.

FCA
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7 min read

The general election and compliance: What are Labour’s plans for the financial services sector?

Labour has criticised the Conservative party for taking the UK’s financial services for granted. Here’s how it plans to manage one of the country’s most successful sectors

The July 4 election’s projected landslide victory for the opposition Labour Party means that it’s likely that many things are going to change in the UK. Among that is the financial services sector, mainly because Labour has released details of its plans for that sector if it moves into #10 after the fourth.

As the Labour party notes, the financial services sector is one of Britain’s success stories. It contributed 12% of the UK’s economic output in 2023. It drives economic growth and job creation. The party states that championing the UK’s role as a global leader in financial services will support its mission in government to secure the highest sustained growth in the G7, with good jobs and productivity growth across the country.

Labour’s plan involves streamlining some of the Financial Conduct Authority’s (FCA’s) rules and getting rid of overlapping ones. It will create a “Regulatory Innovation Office” that could help regulators share data, and monitor the financial watchdog’s work.

It plans on more consumer protection and regulation in the payday loan and buy now, pay later consumer credit market. Private finance will be required to align investments with the goals of the Paris agreement on climate change, more backing for credit unions, and a pledge to maintain high international financial standards.

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