UK Knowledge Collection | Companies House identity verification, failure to prevent fraud, and AI compliance

Mandatory identity verification of millions of individuals involved in corporate entities in the UK is due to begin from 18 November. Our Insight answers seven frequently asked questions about the new regime, including who will need to be verified, the deadlines, how it is to be done and the consequences of non-compliance.

Prosecution guidance has been published by the Serious Fraud Office and Crown Prosecution Service on the new "failure to prevent fraud" offence, which comes into force on 1 September. The guidance will help businesses to ensure that reasonable procedures are in place so that the statutory defence can be established. Our regulatory experts will discuss practicalities of the compliance measures required, risk management, and the long-term implications of the new offence at a webinar in October.

Our popular Dipping into Data webinar series returns in September with a focus on artificial intelligence, offering practical tips on privacy, cyber security and other data-related issues involved in the use of AI. The first session will outline what some of the principal challenges are in both the EU and UK, how to overcome them, and what regulators are focusing on. Our regular Eating Compliance for Breakfast series will also touch upon AI matters, with a look at the latest updates in the implementation of the EU's AI Act and the timeline for businesses.

Recent Insights

UK counts down to identity checks for all directors and persons with significant control from November

Under measures introduced by the Economic Crime and Corporate Transparency Act 2003, the UK's corporate register is rolling out new identity verification requirements as part of significant reforms that aim for company ownership to be more transparent.
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'Failure to prevent fraud' prosecution guidance reinforces prospect of UK authorities' early use of new power

The SFO and CPS have issued joint guidance on corporate prosecutions as businesses are warned to take action now to ensure compliance.
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HM Treasury, FCA and FOS consult on reforms to the UK financial ombudsman and redress system

Wide-ranging reforms have been proposed in three consultations to improve clarity and predictability for firms handling complaints. All three consultations close for comments on 8 October.
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Life after SkyKick: UKIPO's Appointed Person applies landmark Supreme Court decision

The Supreme Court's decision in Skykick has been applied by the Appointed Person in an appeal against an opposition decision at the UK Intellectual Property Office. The decision underscores the ongoing relevance of bad faith in trade mark proceedings.
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Events

Eating Compliance for Breakfast

09:00-09:30
Decoding the EU Omnibus Package | 9 September
The Employment Rights Bill: Latest developments and actions | 16 September
EU AI Act: Key compliance updates | 23 September
The Data Use and Access Act | 30 September
Failure to Prevent Fraud: The first month and beyond | 7 October
Navigating new powers: Mitigating the risks of internal investigations | 14 October
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Products Unpacked

10 September | One London Wall | 09:00-12:30
A seminar covering some of the principal changes coming to the product safety and compliance regime in the UK and EU, followed by a networking lunch at our London office.
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Data protection and AI: key themes in the UK and EU

17 September | 16:00-16:45
Data protection challenges and how to tackle them in practice, contractual safeguards, and what regulators are prioritising.
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Life Sciences Academy | Freedom of research and trade secrets in the life sciences industry

23 September | 10:00-11:00
How can employers safeguard trade secrets without overstepping contractual freedom? This webinar explores the protection of trade secrets after employment termination, non-disclosure agreements and infringement remedies.
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Pensions Coffee Break: inheritance tax and pensions

25 September | 11:00-11:30
This webinar will focus on the government's plans to bring pension and death benefits into scope for inheritance tax from April 2027, including a brief overview of inheritance tax and  which of the pension and death benefits paid by Defined Benefit, Defined Contribution and Death-in-Service only schemes are likely to be in scope and the steps schemes should start to take to prepare.
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