The Financial Conduct Authority (FCA) requires all non-bank payment service providers (PSPs) to perform safeguarding procedures. These procedures are designed to make sure that payments owed to customers are not at risk in the unlikely event that the firm could suddenly go into liquidation or be otherwise unable to make a payment.
The most common safeguarding method, known as the segregation method, requires PSPs to make an immediate and clear separation between the money belonging to the customer and the fees taken by the PSP. This requires a constant process of separating funds into distinct and dedicated bank accounts, as well as recording and reconciling every transaction.
Our new course explains how safeguarding is done and what non-technical staff members need to know about it.
The International Tax Enforcement (Disclosable Arrangements) Regulations 2023 (UK MDR) regulations, were laid before the House of Commons on 17 January 2023. UK MDR will come into force on 28 March 2023. Any UK arrangements entered on or after 28 March 2028 must be reported to HMRC under UK MDR (and not UK DAC6).
HMRC will open a new portal to support UK MDR, however, the DAC6 reporting portal will remain open until the end of April 2023 to allow arrangements entered into before 28 March 2023 to be reported under DAC6. The current DAC6 guidance (which is relevant to MDR for hallmarks D1 and D2) will be updated where necessary to reflect these new regulations.
VinciWorks will support all their UK-based clients in making the transition from DAC6 to UK MDR. HMRC will be joining VinciWorks for a webinar about UK MDR on 15 February 2023.
UK law firms subject to the Money Laundering Regulations are required to establish an independent audit function to examine, evaluate and make recommendations regarding the adequacy and effectiveness of their practice’s anti-money laundering and counter-terrorist financing policies, controls, and procedures.
Our guide will help you understand the five main stages of an external independent audit.
Under the Reporting of Injuries, Diseases and Dangerous Occurrence Regulations 2013 (RIDDOR), the following work-related accidents must be reported to the Health and Safety Executive (HSE).
Please note that the downloadable checklist, especially in terms of dangerous occurrences, is not an exhaustive list.
From new ESG regulations to a crackdown on bribery, rapid fluctuations in crypto currency, changes to the regulated sector and the ongoing conflict in Europe demanding a laser-like focus on the supply chain, 2023 looks set to demand even more from compliance professionals.
We have created an in-depth guide to everything compliance in 2023. The guide covers the top ten items you can expect to see in your regulatory inbox, with tips on next steps.
Expected changes to public sector procurement procedures and transparency obligations
If your business is involved in public procurement or bidding for public contracts, you should know about the Procurement Bill which seeks to reform and rationalise the way public procurement works in England, Wales and Northern Ireland. In Scotland, the Bill will cover procurement for reserved functions. The UK Government sought a Legislative Consent Motion but the Scottish Government has rejected this.
The crypto currency market soundly collapsed in 2022, but crypto currencies linger on. FTX, once valued at $32 billion, went bankrupt as its founder was arrested for perpetrating one of the biggest frauds in history.
The market began to take a nosedive after Celsius Network, a former cryptocurrency lending company, announced it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.” Celsius has nearly 2 million customers and held more than $10 billion in assets.
What are SLAPPs (Strategic Lawsuits Against Public Participation)?
SLAPPs (Strategic Lawsuits Against Public Participation) are lawsuits that are filed with the intention of silencing, intimidating, or punishing individuals or organisations for exercising their right to free speech on matters of public concern. These lawsuits are often brought by private parties, such as corporations or individuals, against individuals or organisations that have spoken out against them or their activities.
Sometimes, the goal of bringing a SLAPP is not necessarily to win the case, but to burden the defendant with the cost of litigation and the stress of defending themselves, ultimately discouraging them from speaking out.
SLAPPs are often used by corporations, politicians, or other powerful entities against individuals, activists, or grassroots organisations who are speaking out on issues such as environmental protection, civil rights, or consumer advocacy. SLAPPs can take many forms, including defamation lawsuits, harassment suits, and even lawsuits filed under the guise of intellectual property infringement.
The SRAs new warning notice on SLAPPs
Recently, the SRA issued a new warning notice on SLAPPs, in response to reports that solicitors are bringing allegations without merit at the behest of wealthy clients to stifle freedom of expression and prevent the media from reporting on issues of public interest such as academic research, whistleblowing, campaigning or investigative journalism.
The warning notice makes clear that acting in this way would constitute a breach of a number of SRA Principles and Rules in its Code of Conduct for Individuals and Firms.
Awareness days and campaigns run throughout the year, and organisations can support learning initiatives around these events. To help with your planning, VinciWorks and Skill Boosters have produced a new Inclusion Awareness Calendar, listing relevant dates for each month. We have also created downloadable resource packs for the major events. These resources will be made available for all Skill Boosters members.
What is included in the inclusion awareness calendar?
For each month, the calendar includes the following features:
Findings from the SRA’s recent thematic review included the insight that firms need to have stronger evidence that supervision is taking place. Out of 76 files reviewed by the SRA, only 29 of them showed evidence of supervision taking place. Therefore, in their new guidance, the SRA has included a section on effective supervision that is applicable to all solicitors and firms that supervise individuals delivering legal services, including services that are provided by fee earners who are not directly regulated by the SRA.
The new guidance also stresses that merely having supervision in place is not sufficient to fulfil firms’ regulatory obligations; rather, supervision needs to be effective. Therefore, firms should take proactive steps to ensure that supervision is effective and that supervisors are being held accountable.
