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News >> Europe, Middle East and Africa

United Kingdom (UK)-based bank Barclays has advised (9 February 2014) that it has notified regulators including the UK Information Commissioner's Office (ICO) of a consumer data breach that "appears to be criminal action". According to Daily Mail, the files on at least 2,000 Barclays customers have been leaked, as evidenced by portable data storage device handed to the Daily Mail's offices by an anonymous informant.

First EU Anti-corruption Report Published

04 Feb 2014
Written by World Watch

The European Commission (EC) has released the first EU Anti-corruption report, which is accompanied by summaries of the national chapters and frequently asked questions (all dated 3 February 2014). The report provides an analysis of corruption within all 28 European Union (EU) member states, the anti-corruption measures in place and recommendations on how to improve anti-corruption efforts in each member state.

The United Kingdom (UK) Financial Conduct Authority (FCA) has made available a Final Notice (30 January 2014) setting out its decision to fine State Street Bank Europe Ltd and State Street Global Markets International Ltd (jointly, State Street UK) approximately £22.9 million for breaching Principles 3 (Management and control), 6 (Customers' interests) and 7 (Communications with clients) of the FCA's Principles for Business (January 2014).

Published in Consumer Protection

Cartel Lasted Five Years and Spanned Ten Countries

04 Feb 2014
Written by World Watch

The European Commission (EC) has announced that it has issued fines totalling more than €114 million after finding that four plastic foam manufacturing firms formed a cartel to "coordinate the sales prices of various types of foam".

Published in Competition

The United Kingdom Office of Fair Trading (OFT) has released its Principles for online and app-based games (undated), advising games producers that they must ensure by 1 April 2014 that "their games do not breach consumer protection law".

Published in Consumer Protection

Bank Fined £7.6 Million for AML Controls Failures

30 Jan 2014
Written by World Watch

The United Kingdom Financial Conduct Authority (FCA) has made available Decision Notice (22 January 2014), announcing that it has fined Standard Bank Plc (Standard Bank) £7,640,400 for failings in its AML controls, specifically its failure to ensure that its anti-money laundering (AML) policies and procedures were properly applied to corporate customers connected to politically exposed persons (PEPs).

Published in Anti-Money Laundering

The European Commission (EC) has released a provisional version (29 January 2014) of a proposal for a Regulation of the European Parliament and of the Council of the European Union (EU) on "structural measures improving the resilience of EU credit institutions". According to the EC, the proposed reforms aim to stop large banks from engaging in proprietary trading and the EC has also adopted a number of accompanying measures aimed at making transactions more transparent.

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has announced that investors affected by unsuitable advice leading to investment in the high-risk CF Arch cru Investment and Diversified funds (Arch cru) have begun receiving compensation packages, with over £8 million already paid out to consumers and the total compensation to be paid out calculated at £31.47 million.

Published in Consumer Protection

The General Court of the European Union (EGC) has handed down its judgments in T-433/12 Steiff v OHIM and T-434/12 Steiff v OHIM (both dated 16 January 2014 - French language versions available), dismissing Germany-based soft toy manufacturer Margarete Steiff GmbH's (Steiff) actions against the European Union (EU) community trade mark office, the Office for Harmonization in the Internal Market (Trade Marks and Designs) (OHIM).

Major Fine for Bank's Misinformation Practices

22 Jan 2014
Written by World Watch

The Poland Office of Competition and Consumer Protection (UOKiK) has made available its Decision (31 December 2013 - Polish language version available only) in relation to proceedings against bank PKO BP.

Published in Consumer Protection

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