News That Matters

Tag: watchdog

Head of UK’s data watchdog working from home… in Canada

Head of UK’s data watchdog working from home… in Canada

Technology
The head of the UK's data watchdog won't be heeding Boris Johnson's plea to get back to the office - as it has emerged she is working in Canada, eight hours away from her team of more than 500.The news was greeted with fury from senior figures in the UK's data protection community, who accused Information Commissioner Elizabeth Denham of abandoning her post at a moment when data issues are most central. "We are in a national crisis, and she has abandoned her post. She must resign," wrote tech policy analyst Heather Burns on Twitter.Data protection consultant Pat Walshe said: "I am taken aback by this revelation. We need urgent change at the ICO."The news that Ms Denham, who is Canadian, is working in the Canadian Pacific Time Zone, emerged in a Freedom of Information request sent to the In...
MPs raise serious concerns over watchdog led by new bank boss

MPs raise serious concerns over watchdog led by new bank boss

Business
MPs have raised serious concerns about a City watchdog run by the incoming Bank of England chief, following a string of scandals.Members of the Commons Treasury Select Committee said it was satisfied that Andrew Bailey had "the professional competence and personal independence" for the top job of governor. However, they warned that they would be keeping a close watch on the Financial Conduct Authority (FCA), which Mr Bailey had headed since 2016. Image: Businesswoman Gina Miller has called for a review into Mr Bailey's appointment In a short report, the committee said it had "a number of serious concerns about the culture and operations of the Financial Conduct Authority and the industry that it regulates".Campaigners led by businessw...
New rules are gutting consumer watchdog group from the inside, legal experts say

New rules are gutting consumer watchdog group from the inside, legal experts say

Finance
Kathy Kraninger, director of the Consumer Financial Protection Bureau.Andrew Harrer | Bloomberg | Getty ImagesThe agency created in the wake of the 2008 financial crisis to protect consumers from abuse is being gutted from the inside, according to some consumer advocates and legal experts.A new enforcement policy at the Consumer Financial Protection Bureau is the most recent example of an agency drifting away from its mission to police Wall Street's bad actors, these advocates say.The CFPB announced Jan. 24 that it is changing the way it oversees and punishes abusive practices by financial firms. Perhaps most significantly, the watchdog will impose financial penalties, such as fines, in more limited circumstances and will require a cost-benefit analysis before investigating wrongdoing.The ...
Audit watchdog in secret talks to bolster ‘challengers’

Audit watchdog in secret talks to bolster ‘challengers’

Business
Major British companies will be forced to ring-fence a substantial proportion of their audit work for challenger firms outside the "big four" under secret proposals drawn up by the accounting regulator.Sky News has learnt from sources in Whitehall that the Financial Reporting Council (FRC) has told the government that it wants to oversee a regime it is describing as "managed shared audits". Under the system, all but the very biggest FTSE-350 companies would be required to include at least one challenger firm in their audit tender process.If a big four firm - one of Deloitte, EY, KPMG or PricewaterhouseCoopers - is appointed, work equating to a substantial minority of the audit fee would then have to be undertaken by a smaller rival.One City figure said that substantial minority could be ar...
East Kent hospitals: Care watchdog inspects trust after baby death apology

East Kent hospitals: Care watchdog inspects trust after baby death apology

Health
England's care watchdog has carried out a no-notice inspection of an NHS trust at the centre of concerns over the possible preventable deaths of babies.The Care Quality Commission (CQC) is investigating East Kent Hospitals NHS Trust but has not yet decided whether to prosecute.At least seven preventable baby deaths may have occurred at the trust since 2016, a BBC investigation found.The trust apologised and said it had made "significant changes".It comes as the trust is likely to be heavily criticised on Friday at an inquest into the death of baby Harry Richford. East Kent Hospitals NHS Trust consists of five hospitals and community clinics and almost 7,000 babies are b...