At the Annual Compliance conference recently held in London, the session on ‘Supply chains – Navigating ESG and Trade-related Risks’ examined the intensifying ESG and trade-related risks facing global supply chains, shaped by shifting political priorities and evolving regulatory frameworks.
At the Annual Compliance conference recently held in London, the session on ‘US and UK Enforcement in the Current Climate: Strategic Shifts and Global Implications’ explored the evolving enforcement landscape across the UK, US, and Latin America, with a particular focus on strategic priorities, inter-agency cooperation, and the practical implications of recent policy shifts.
This session examined recent geopolitical and regulatory developments in anti-bribery and corruption (ABC) enforcement across the US and UK.
The Presidents of the Employment Tribunals (England & Wales and Scotland) have issued an addendum to the Joint Presidential Guidance on employment tribunal awards, updating the Vento bands for damages for injury to feelings and psychiatric injury in discrimination claims.
The government has published a consultation seeking views on how to introduce mandatory ethnicity and disability pay reporting for employers with 250 or more employees. The consultation closes on 10 June 2025.
The Court of Appeal has held that dismissing an employee for a social media post expressing gender critical beliefs and beliefs on same sex marriage was disproportionate, and therefore discriminatory. This decision confirms the legal tests for balancing conflicting protected beliefs, underscoring the basic principle that employees have the right to manifest their religious or philosophical beliefs, subject only to limited, objectively justifiable exceptions. While the post was arguably offensive to some gay and/or trans people, expressing a protected belief that is offensive to others does not by itself justify disciplinary action; there must be something objectively objectionable in the manner of expression. This is a high threshold; merely “intemperate” language is not sufficient.
On 18 July 2024, the UK Financial Conduct Authority (FCA) published the findings of its multi-firm review on firms’ treatment of politically exposed persons (PEPs). This review is likely to be of interest to family offices and their advisers for the following reasons:
• UBOs of family offices are often treated as being within the scope of the PEP categorization.
• An overly restrictive approach to KYC and AML controls on the part of financial institutions can create friction and delays for family offices and their UBOs, and the FCA’s findings may provide some basis to push back on or query the approach on this point (see below).
• Given the FCA’s strong public stance on the PEP issue, we may see other global regulators following the UK’s lead in the future.
Following the enactment of the Digital Markets, Competition & Consumer Act (DMCCA) in May 2024, the new UK digital markets competition regime and changes to the UK competition regime entered into force on 1 January 2025. This landmark legislation brings about significant changes to the UK antitrust regime including giving the Competition & Markets Authority the ability to regulate the technology sector, increased jurisdiction to review mergers, and stronger antitrust investigation powers.
In an article published in Compliance & Risk Journal, Kim Sartin, Lauren French and Melissa Chan discuss the new duty on employers to take reasonable steps to prevent sexual harassment of their workers in the course of their employment that came into force on 26 October 2024.
On 26 July 2024, in response to the UK Government’s Investment Research Review on the effectiveness of the investment research market, the FCA published its final rules and guidance to permit the bundling of payments for investment research and trade execution by investment firms. The final rules, which took effect on 1 August 2024, adapt the FCA’s policy to evolving markets and better align with the regulatory position in the EU and US. The FCA has now proposed to extend reintroduction of the bundled payment model to managers of pooled funds – i.e., AIFMs and UCITS ManCos.