Commercial update – compliance
22 February 2019
If you are doing business in the UK then making sure you comply with all legal and regulatory requirements and keeping up to date with a constantly changing landscape can be complex, particularly if you are a subsidiary or a branch of an overseas company.
Legal and regulatory requirements cover all areas of operations: from hiring employees to selling goods or services. Many companies, even very large ones, fail to comply in some way with their legal and regulatory requirements.
Failure to comply with the law can have very costly consequences and may leave your business wide open to fines, claims and losing valuable business. In addition, there is a risk of facing adverse publicity if you do not comply with your legal and regulatory requirements which may be damaging to your business.
Companies which do business in the UK should take steps to make sure that they comply with UK laws and regulations. This includes, where possible, having staff who are responsible for compliance, keeping up to date with changes in the local law and regulations, and training employees on regulatory and legal matters.
Whilst large companies will usually have compliance departments which are responsible for reviewing and reporting on requirements, smaller business and the overseas operations of large companies often do not and so it is important to take steps to make sure that you do not face the consequences of failing to comply with your legal and regulatory requirements.
It is a good idea to carry out a compliance audit as a first step to identify any problem areas. Basically, this means reviewing how your business operates and highlighting what changes you can make so that you comply with legal and regulatory requirements.
Once you are aware of any potential issues, you will then be able to deal with any risks arising out of those issues. As always, it is often easier to deal with risks early rather than to wait until problems actually hit.
3CS Corporate Solicitors can assist with carrying out an audit of your business operations to highlight any areas of concern. We can review your operations in any of the following areas which apply to you:
- Advertising regulations
- Consumer rights
- Anti-money laundering
- Corporate social responsibility
- Insurance obligations
- Distance selling
- Commercial debts
- Employment issues
- Modern slavery
- Companies Act compliance and Directors’ responsibilities
- Environmental protection
- Property issues
- GDPR and data protection
- Sale of goods and services
- Companies House filings
- Health and safety
- Waste disposal
- Competition law
In addition, we are also able to assist with sector specific law and regulations which apply to certain businesses for a range of sectors from financial services to telecoms.
If you would like further advice in relation to this issue or further information about our audit services please contact our 3CS Commercial Law team which can advise accordingly.
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