Law and regulation

Insight / Charity Commission issues alert on military charities

The Charity Commission has issued an alert to charities that support veterans, after its review of a sample of military charities set up since 2007 revealed concerns around fundraising, financial controls and safeguarding

Insight / Payment transparency reporting for large business goes online

Under new rules to force companies to pay invoices more quickly and speed up payment to suppliers, the government has launched an online reporting service for large businesses who have to to publish mandatory business payment practices reports twice a year online

Insight / Fundraising regulator to tighten up data protection rules

The Fundraising Regulator is to consult on strengthening the sections on data protection with its code of fundraising practice, in light of the upcoming General Data Protection Regulation (GDPR) legislation, which comes into effect next year, and recent concerns about how charities use data on donors

Accounting / DfID introduces open book accounting to tackle supplier profiteering

The Department for International Development (DfID) has announced reforms of its work with contracted suppliers in a bid to clamp down on the risk of profiteering, excessive charges and unscrupulous practices

Insight / Ex-FTSE 250 oil company execs in court over £299m fraud

The former chief executive officer (CEO) and ex-chief operating officer (COO) of the collapsed FTSE 250 oil and gas exploration company Afren are due in court today to face money laundering and fraud charges relating to over $400m (£299m) of Nigerian business deals

Insight / Companies must consider human rights under Criminal Finances Act

As the Criminal Finances Act becomes law this month, law firm Hodge Jones & Allen warns that companies will have to consider corporate human rights violations in their compliance procedures to avoid prosecution and financial fines

Insight / Lord Chancellor rejects ICAEW’s bid to regulate reserved legal services

The Lord Chancellor, David Lidington, has rejected the ICAEW’s application to become an approved regulator and licensing authority for the six remaining reserved legal services, which came as a surprise as the accounting institute was backed by the Legal Services Board (LSB)

Insight / CMA to investigate investment consultancy market after FCA referral

The investment consultancy market faces a Competition & Markets Authority (CMA) investigation following a referral from the Financial Conduct Authority (FCA) over its treatment of older customers

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