Law and regulation

Insight / FCA confirms Payment Services Directive implementation approach

The Financial Conduct Authority (FCA) has published its approach to implementing the revised Payment Services Directive (PSD2), which aims to make payments safer and more secure, affecting all institutes which provide payment-related services from 13 January 2018

Insight / Seven arrests in connection to missing £10.25m Northampton Town FC loan

Police have confirmed seven arrests made in connection with a missing £10.25m loan made to Northampton Town Football Club

Insight / IESBA ethics code updated to clarify inducement rules

The International Ethics Standards Board for Accountants (IESBA) is consulting on proposals to strengthen the provisions in the code of ethics for professional accountants regarding the accepting and offering of inducements

Insight / Charity Commission inquiry into London Christian charity

The Charity Commission has opened a statutory inquiry into the London-based charity Kingdom Life Ministries, over concerns about its failure to provide accounting information on time

Insight / Charity Commission updates guidance for independent examiners

The Charity Commission has published updated guidance for independent examiners explaining their role and duties in examining the accounts of a charity and the matters which must be included in their report to the charity trustees

Insight / Catelin: government must secure transition period for customs post-Brexit

As Brexit negotiations begin in earnest, Institute of Directors EU and trade analyst Claudia Catelin considers the government’s stance on customs 

Accounting / CCAB issues draft anti-money laundering guidance for accountants

CCAB has issued draft guidance on anti-money laundering for all entities providing audit, accountancy, tax advisory, insolvency or related services, including trusts and company services, pending final Treasury approval, to comply with new rules effective from 26 June

Insight / UK to take control of law from EU courts post-Brexit

The government has set out plans to end the direct jurisdiction of the Court of Justice of the European Union (CJEU) after the UK leaves the EU, with the UK taking control of its own laws

Insight / Government to clamp down on pension scams

A ban on cold calling in relation to pensions, including texts and emails, along with tougher actions to prevent fraudulent pension schemes have been introduced by the government, as part of a crackdown on scammers who are targeting pension funds

Insight / Charity Commission issues first official warning

The Charity Commission has issued an official warning to the National Hereditary Breast Cancer Helpline, highlighting actions to be taken to address concerns regarding financial irregularities, the first time it has used new powers which came into force in November last year

Insight / Manx Telecom suspends CFO

Manx Telecom, the AIM-listed communications provider in the Isle of Man, has announced the suspension of Danny Bakhshi, CFO of the group, after being informed he is the subject of criminal proceedings unrelated to his duties with the company

Insight / NAO outlines risks charities face when receiving donations

The National Audit Office (NAO) has identified the issues and risks faced by charities when receiving donations as a source of income, such as reputational damage, while the Fundraising Regulator has published six changes to the Code of Practice to help charities fundraise more effectively

Insight / Legal challenge over climate change risk disclosure ‘failure’

The Commonwealth Bank of Australia (CBA), the country’s largest listed company, is facing a legal challenge for failing to adequately disclose climate change risk and risks associated with fossil fuels in its 2016 annual report

Insight / Ten-year exclusion for ex-FD of Tech Data Ltd

ACCA member Philip James has been excluded for 10 years and given a £100,000 fine after admitting misconduct in his role as finance director of Tech Data Ltd, following an investigation by the Financial Reporting Council (FRC)

Insight / Data protection laws mean stiffer fines for business breaches

The government has signalled its intention to update and strengthen data protection laws through a data protection bill, ushering in large fines for businesses which fail to meet the new requirements
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