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The business secretary has told Sky News that issues at the Post Office “go beyond” the Horizon IT scandal.

Kemi Badenoch told Sunday Morning with Trevor Phillips she was “sad” to have come to the joint conclusion with Mr Staunton that he should leave the role but that it was “better the Post Office had new leadership going forwards”.

“The issues that the Post Office have go well beyond the Horizon scandal, so this wasn’t just about Horizon and the ongoing inquiry into the Post Office. It’s about the Post Office as an entity and the governance of it.”

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Sky News revealed at the weekend that Mr Staunton, who had been in post only for a year, had stepped down amid ongoing tensions with the government in the wake of the Horizon IT scandal, which saw hundreds of sub-postmasters wrongly accused of stealing because faults in the system – developed by Fujitsu – made it look like money was going missing from branches.

Mr Staunton had been tasked with leading the board of directors as the firm continues to come under pressure from the fallout of what has been described as the UK’s biggest miscarriage of justice.

Insiders told Sky News his exit was not directly related to the Horizon scandal itself but were in fact due to differences of opinion over who was the best candidate for the job, with Mr Staunton and a number of colleagues said to have favoured Andrew Darfoor, a former financial services executive who is one of the company’s existing non-executive directors, to take the position.

However, the government is understood to want to appoint a Whitehall insider to the role as it looks to strengthen the Post Office’s corporate governance.

Asked why Mr Staunton had been asked to leave after just a year in the job, Ms Badenoch said the “wrong thing to do” would be to “sit back with that bureaucratic indifference that we often see across systems and say, ‘Well, he’s only been there a year: let’s hope things just get better”.

She added: “I see it as my job to intervene if I don’t believe that the system is working and that is exactly what I have done.”

Read more:
Former Post Office boss to hand back her CBE
Key figures in Post Office IT scandal

Between 1999 and 2015, more than 700 people were prosecuted for a variety of offences including theft, fraud and false accounting – causing many to lose their jobs, livelihoods and reputations.

Earlier this month, Rishi Sunak announced that a new law would be introduced to exonerate and compensate those caught up in the Horizon scandal and that those who were part of the group litigation order against the Post Office would also be eligible for an upfront payment of £75,000.

Ms Badenoch also denied that the ITV drama was the catalyst for bringing about change relating to the scandal, telling Sir Trevor it was “not what has been prompting government action” and that ministers had taken action before then.

Asked if she expected to see Fujitsu pay compensation, Ms Badenoch said: “I certainly expect that will happen in due course.”

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Specialist teams and online investigators deployed across England and Wales to tackle ‘national emergency’ of violence against women and girls

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Specialist teams and online investigators deployed across England and Wales to tackle 'national emergency' of violence against women and girls

Specialist investigation teams for rape and sexual offences are to be created across England and Wales as the home secretary declares violence against women and girls a “national emergency”.

Shabana Mahmood said the dedicated units will be in place across every force by 2029 as part of Labour’s violence against women and girls (VAWG) strategy due to be launched later this week.

The use of Domestic Abuse Protection Orders (DAPOs), which had been trialled in several areas, will also be rolled out across England and Wales. They are designed to target abusers by imposing curfews, electronic tags and exclusion zones.

The orders cover all forms of domestic abuse, including economic abuse, coercive and controlling behaviour, stalking and ‘honour’-based abuse. Breaching the terms can carry a prison term of up to five years.

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Govt ‘thinking again’ on abuse strategy

Nearly £2m will also be spent funding a network of officers to target offenders operating within the online space.

Teams will use covert and intelligence techniques to tackle violence against women and girls via apps and websites.

A similar undercover network funded by the Home Office to examine child sexual abuse has arrested over 1,700 perpetrators.

More on Domestic Abuse

Abuse is ‘national emergency’

Ms Mahmood said in a statement: “This government has declared violence against women and girls a national emergency.

“For too long, these crimes have been considered a fact of life. That’s not good enough. We will halve it in a decade.

“Today, we announce a range of measures to bear down on abusers, stopping them in their tracks. Rapists, sex offenders and abusers will have nowhere to hide.”

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Angiolini Inquiry: Recommendations are ‘not difficult’

The target to halve violence against women and girls in a decade is a Labour manifesto pledge.

The government said the measures build on existing policy, including facial recognition technology to identify offenders, improving protections for stalking victims, making strangulation a criminal offence and establishing domestic abuse specialists in 999 control rooms.

Read more from Sky News:
Demands for violence and abuse reforms
Women still feel unsafe on streets
Minister ‘clarifies’ violence strategy

Labour has ‘failed women’

But the Conservatives said Labour had “failed women” and “broken its promises” by delaying the publication of the violence against women and girls strategy.

Shadow home secretary Chris Philp said that Labour “shrinks from uncomfortable truths, voting against tougher sentences and presiding over falling sex-offender convictions. At every turn, Labour has failed women”.

Home Secretary Shabana Mahmood will be on Sunday Morning with Trevor Phillips on Sky News this morning from 8.30am.

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The Securities and Exchange Commission publishes crypto custody guide

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The Securities and Exchange Commission publishes crypto custody guide

The United States Securities and Exchange Commission (SEC) published a crypto wallet and custody guide investor bulletin on Friday, outlining best practices and common risks of different forms of crypto storage for the investing public.

The SEC’s bulletin lists the benefits and risks of different methods of crypto custody, including self-custody versus allowing a third-party to hold digital assets on behalf of the investor.

If investors choose third-party custody, they should understand the custodian’s policies, including whether it “rehypothecates” the assets held in custody by lending them out or if the service provider is commingling client assets in a single pool instead of holding the crypto in segregated customer accounts.

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The Bitcoin supply broken down by the type of custodial arrangement. Source: River

Crypto wallet types were also outlined in the SEC guide, which broke down the pros and cons of hot wallets, which are connected to the internet, and offline storage in cold wallets.

Hot wallets carry the risk of hacking and other cybersecurity threats, according to the SEC, while cold wallets carry the risk of permanent loss if the offline storage fails, a storage device is stolen, or the private keys are compromised. 

The SEC’s crypto custody guide highlights the sweeping regulatory change at the agency, which was hostile to digital assets and the crypto industry under former SEC Chairman Gary Gensler’s leadership.