Tuesday 20 May | 1pm - 1:30pm | Zoom
The UK Government has recently published guidance that will provide organisations with important advice on the new corporate criminal offence of “Failure to Prevent Fraud” (FTPF), advising them on the requirement to develop and implement reasonable fraud prevention measures, under the Economic Crime and Corporate Transparency Act (ECCTA) 2023.
As from 1 September 2025, the new offence will make large incorporated bodies and partnerships, across all sectors and industries, criminally liable where an employee, agent, or other associated person commits fraud intending to benefit the organisation, and where the organisation did not have reasonable fraud prevention measures in place. Organisations that are not fully compliant with the new preventative requirements risk potential prosecution and penalties, including unlimited fines.
The FTPF offence and the wider implication of the ECCTA may give rise to certain exposures under Directors & Officers/Management Liability (D&O/ML) policies
We look forward to welcoming you to this webinar, which forms part of a Weightmans series of articles and webinars exploring this emerging risk for Insurers and their policyholders alike. Read more here.
Pam Freeland will highlight the implications of the FTPF offence and the ECCTA for D&O / ML policies. We will discuss:
- How Insurers can determine whether policies will cover claims that arise from these legislative changes.
- How policy terms might be revised to shape the nature and scope of any cover that is provided.
- How a prospective policyholder’s exposure can be assessed during the underwriting stage and what potential claims Insurers might expect to receive once the legislative regime comes into force.
Ling Ong will also discuss potential repercussions under other policies arising from the FTPF offence or the ECCTA and what other coverage issues Insurers may wish to consider.
We are delighted to welcome Mike Brown as Chair of this webinar. Mike forms part of our Economic Crime team and brings a wealth of expertise in fraud and financial crime, with a background spanning law enforcement, regulation, and financial services
