Category Archives: Regulators

Telegraph takeover decision put back by fresh inquiry into Barclay family’s UAE-backed deal

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Regulators’ reports on public interest risk now due on 11 March after late change in consortium’s structure prompts further review

A second investigation has been launched into the Barclay family’s deal to transfer control of the Telegraph newspaper group, pushing the deadline for regulators’ reports on the public interest threat it poses by more than six weeks.

The UK government moved swiftly to order the second watchdog inquiry after the Barclays’ UAE-backed consortium partner revealed a last-minute corporate structure change.

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BT scraps above-inflation price rises for mobile and broadband customers

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UK’s mobile and broadband firms were accused of ‘greedflation’ last year by the Guardian

BT has become the first major telecoms company to scrap controversial above-inflation price rises for mobile and broadband customers – but not before pushing through a final increase this year.

The owner of mobile operator EE has moved to address the pressure on consumers from rising household costs during the cost of living crisis, after telecoms companies were criticised for increasing bills.

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How Italy turned on influencers in the wake of a charity Christmas cake scandal

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With a fraud investigation into Chiara Ferragni under way, she and fellow social media stars are under sharp scrutiny

Chiara Ferragni amassed a fortune through incessant selfie-taking as part of a marketing strategy that included imparting pearls of wisdom to her millions of online followers on how to be “effortlessly cool”.

But now the influencer – one of Italy’s most powerful – is struggling to maintain her own prestige after a scandal over a Christmas cake triggered a fraud investigation, leaving her empire teetering on the edge in what has become a cautionary tale for other social media stars.

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Asic faces questions over failure to warn consumers about HyperVerse crypto scheme

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Assistant treasurer Stephen Jones says concerns should have been raised about scheme that appeared to be selling ‘worthless investment products’

Chief executive of HyperVerse does not appear to exist

The assistant treasurer, Stephen Jones, has questioned why Australia’s consumer watchdog did not issue a consumer warning against the HyperVerse crypto investment scheme in line with a number of overseas regulators.

A Guardian Australia investigation has revealed widespread losses to the HyperVerse scheme, which escaped regulator attention in Australia despite one overseas authority warning it was a possible “scam” and another describing it as a “suspected pyramid scheme”.

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Businessman who tried to buy Sheffield United accused of ‘elaborate’ fraud

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US watchdog sues Dozy Mmobuosi for allegedly faking documents and making up companies out of ‘thin air’

A Nigerian businessman who appeared to be closing in on a takeover of the Premier League football club Sheffield United is being sued by the US financial watchdog for a fraud, in which he is alleged to have faked documents and made up companies out of “thin air”.

The US Securities and Exchange Commission (SEC) said on Monday it had filed charges against Dozy Mmobuosi, claiming he inflated his companies’ financial performance by hundreds of millions of dollars to defraud investors.

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Scale of bullying and harassment of women in City ‘shocks and alarms’ MPs

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Cross-party Treasury committee says its private hearings suggest there has been no improvement in 20 years

MPs on the cross-party Treasury committee have been “shocked and alarmed” to hear about the scale of bullying and sexual harassment against women in the City of London, which suggests there has been “no improvement whatsoever” over the past 20 years.

The Labour MP and committee member Angela Eagle said private hearings held as part of the committee’s sexism in the City inquiry had raised significant concerns about the conditions women were forced to endure in the UK’s financial services sector.

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Brexit-backer Richard Desmond invokes EU law to sue Gambling Commission

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Ex-Express owner is expected to claim regulator made errors during bidding war for national lottery contract

Richard Desmond, the Brexit-backing media tycoon, is invoking EU law to sue the gambling regulator after it rejected his “fanciful” bid to run the national lottery, in a suit that could deprive good causes of millions of pounds.

The former owner of the Daily Express has vowed previously to seek damages from the Gambling Commission after his company Northern & Shell missed out on a 10-year contract, worth £6.5bn, to run the lottery from next year.

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Norfolk care home accused of waking residents with loud music to save money

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Staff at Iceni Care Home say vulnerable residents were treated as if they were ‘on a farm’ to reduce workload

Care workers at a private care home forced dementia sufferers out of bed as early as 5am and woke them by blasting loud radio music to save money, whistleblowers have alleged.

The management of Iceni Care Home in Swaffham, Norfolk, received repeated complaints about the practice this summer, as concerned staff said vulnerable residents were being treated as if they were “on a farm” in order to reduce the workload on daycare staff.

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Iceland boss hits out at parent ‘exploitation’ in baby milk market

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Richard Walker calls for price cap on infant formula as competition watchdog finds evidence of greedflation

The boss of Iceland has hit out at “exploitation” of new parents and joined calls for a price cap on baby formula after the competition watchdog found evidence of greedflation by leading manufacturers.

The Competition and Markets Authority (CMA) on Wednesday revealed manufacturers had increased prices by more than their costs during the inflation crisis, fattening profit margins and imposing an average 25% increase on shoppers in two years. It warned competition could be hampered because the market is dominated by two companies, Danone and Nestlé, which between them account for 85% of sales.

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‘They thought I had cancer’: painkiller banned in UK linked to Britons’ deaths in Spain

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Patients’ group says reactions to metamizole can cause sepsis and organ failure – and British and Irish people are at higher risk

A patients group representing several British victims has launched legal action against the Spanish government over claims it failed to safeguard people against the potentially fatal side effects of one of the country’s most popular painkillers, involved in a series of serious illnesses and deaths.

The drug metamizole, commonly sold in Spain under the brand name Nolotil, is banned in several countries, including Britain, the US, India and Australia. It can cause a condition known as agranulocytosis, which reduces white blood cells, increasing the risk of potentially fatal infection.

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Energy bills in Great Britain to rise by 5% from January as cap hits £1,928

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Ofgem increases minimum price for energy suppliers to charge customers after rise in global gas prices

Households will begin the new year with a 5% increase in energy bills after the regulator raised the price cap to an average of £1,928 a year for the typical gas and electricity bill.

Ofgem raised the maximum price that energy suppliers can charge their customers from £1,834 a year for the typical household between October to December, after a rise in global gas market prices after the start of the Israel-Hamas war last month.

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Collapsed hospital operator NMC Health misled markets over £3.2bn of debt, says watchdog

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FCA censures former FTSE 100 company but stops short of a fine as no funds are expected to be left

The financial watchdog has found that collapsed hospital operator NMC Health committed market abuse by understating its debts by as much as $4bn (£3.2bn).

The Financial Conduct Authority (FCA) censured the former FTSE 100 company on Friday for misleading the market but stopped short of fining it as no funds are expected to be left at the business once outstanding debts to creditors are paid out.

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Regulator vows crackdown on ‘squeamish’ charities rejecting donations

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Chair of Charity Commission says funds should not be rejected due to the views or preferences of donors

The head of England’s charity regulator has promised to crack down on “squeamish” charity boards who reject large cash donations from corporations or wealthy philanthropists on moral grounds.

Orlando Fraser, the chair of the Charity Commission, said the regulator may intervene where trustees have rejected or returned donations simply because their “personal worldviews or preferences” were incompatible with those of the donor.

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Private health firm Sciensus fails to fix defects that led to UK patient’s death

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Exclusive: Regulator extends part suspension of licence to July 2024 after IT blunder led to incorrect dosage of cancer treatment

A private health company paid millions by the NHS has failed to fix safety defects that led to the death of a cancer patient, the Guardian can reveal.

Three patients were hospitalised and a fourth died when they were given the wrong doses of a powerful chemotherapy drug after a catastrophic IT failure at the medicine manufacturing unit of Sciensus in April this year.

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Was crypto on trial with Sam Bankman-Fried?

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Binance and Coinbase are under investigation – but Bitcoin was trading at highest value in a year as FTX founder convicted of fraud

As the trial of the former crypto star and FTX founder Sam Bankman-Fried began last month, headlines declared cryptocurrency was on trial too.

But when Bankman-Fried was found guilty on seven counts of wire fraud and money-laundering conspiracy Thursday evening, after less than five hours of jury deliberations, Bitcoin was trading at its highest price in a year.

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Several hospitalised in Austria after using suspected fake diabetes drug

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Health regulator says serious side-effects possibly caused by insulin in counterfeit versions of Novo Nordisk’s Ozempic

Several people have been admitted to hospital in Austria after using suspected fake versions of Novo Nordisk’s diabetes drug Ozempic, the country’s health safety body has said, the first report of harm to users as a European hunt for counterfeiters widened.

The patients were reported to have suffered hypoglycaemia and seizures, serious side-effects that indicate that the product contained insulin instead of Ozempic’s active ingredient semaglutide, the health safety regulator Bundesamt für Sicherheit im Gesundheitswesen (BASG) said on Monday.

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Sunak’s global AI safety summit risks achieving very little, warns tech boss

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Big tech firms attempting to ‘capture’ meeting of heads of government, says Connor Leahy

One of the executives invited to Rishi Sunak’s international AI safety summit next month has warned that the conference risks achieving very little, accusing powerful tech companies of attempting to “capture” the landmark meeting.

Connor Leahy, the chief executive of the AI safety research company Conjecture, said he believed heads of government were poised to agree a style of regulation that would allow companies to continue developing “god-like” AI almost unchecked.

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KPMG boss says Carillion auditing was ‘very bad’ as firm is fined record £21m

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Jon Holt says some employees ‘simply didn’t do their job properly’ in run-up to one of UK’s biggest corporate failures

The UK boss of KPMG has said he “simply cannot defend” the firm’s auditing work on the failed government contractor, Carillion, describing it as “very bad,” as the accounting giant was hit with a record £21m fine by Britain’s accounting watchdog.

The fine comes almost six years after the outsourcing firm collapsed with £7bn debts. Carillion had been one of the UK’s biggest construction and facilities management companies, with several major government contracts.

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Childcare fees may need to be capped to curb erosion of subsidies, ACCC says

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Watchdog’s latest report says childcare in Australia is ‘relatively less affordable for households than in most other OECD countries’

Caps on childcare fees may be required to prevent providers hiking prices in response to more generous government subsidies, the competition watchdog has warned.

The Australian Competition and Consumer Commission’s second report into childcare, released on Sunday, warns that childcare in Australia is “relatively less affordable for households than in most other OECD countries”. The ACCC said there would be “substantial benefit” in the government considering “direct price controls”.

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City watchdog ex-chair says he faced ‘political pressure’ to let in crypto firms

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Charles Randell says some of the exchanges the FCA was pressed to allow to trade in the UK are now being investigated in the US

The UK’s financial watchdog came under “political pressure” to welcome crypto firms into the British market, its former chairman has said.

Charles Randell, who stepped down as chairman of the Financial Conduct Authority (FCA) in the spring, said it was an example of the kind of influence that elected politicians have tried to exert on independent regulators.

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