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Recent Editions
![rc-recent-na](images/RiskChannel/risk-recent/rc-recent-na.png)
Risk Channel
North America
The California Supreme Court has upheld Proposition 22, allowing gig economy companies including Uber and Lyft to classify drivers as independent contractors. The court rejected claims that the law is unconstitutional, stating that it does not interfere with lawmakers' authority over workers' compensation. The ruling marks the end of a long legal battle and means that delivery and ride-hailing services will continue to operate under the current classification. The decision has significant implications for the over 1 million drivers in California and may have ripple effects on drivers in other U.S. states. The law, which passed with 59% of the vote, grants limited benefits to drivers but exempts companies from providing full-fledged employee rights. Labor groups expressed disappointment but highlighted other avenues for workplace protections.
Full Issue![rc-recent-eu](images/RiskChannel/risk-recent/rc-recent-eu.png)
Risk Channel
UK/Europe
Four major UK banks, Lloyds, TSB, AIB, and HSBC, have failed to comply with banking rules, according to the Competition and Markets Authority (CMA). The banks provided incorrect information to customers about their products and services. HSBC listed closed branches as still being open. The CMA has issued directions to HSBC and public letters to HSBC, Lloyds TSB, and AIB. The banks are required to follow certain rules when informing customers, including displaying correct interest rates and accurate branch locations. The CMA has taken formal enforcement measures to ensure compliance and has issued refunds to customers. "It's disappointing that seven years on, we have to put in place formal enforcement measures to secure better compliance from a major bank like HSBC which, yet again, is in breach of the rules," said Dan Turnbull, CMA senior director.
Full Issue![top-shadow](images/paper-shadow-top.png)