Insurance trade body seizes control of subsidiary by flooding City association’s board December 22, 2022 The world’s largest insurance trade body has made a push to take control of one of its subsidiaries, following an ongoing spat between the two groups. The takeover bid saw the head of the Personal Finance Society (PFS) hit out at its parent organisation, the Chartered Insurance Institute (CII) over claims it had acted “unilaterally” [...]
UK’s audit watchdog calls on top accounting firms to boost measures against exam cheating December 21, 2022 The UK’s accounting watchdog has called on Britain’s seven largest auditors to improve the measures they have in place to prevent cheating on exams, following a series of international cheating scandals involving the world’s biggest audit firms. In a letter seen by City A.M., the UK’s Financial Reporting Council (FRC) called on the country’s top [...]
Car premiums increase 17.4 per cent after FCA price walking ban December 20, 2022 The average car premium has soared 17.4 per cent in the past year, according to recent research. Data published today by market researcher Consumer Intelligence shows that average premiums now cost £877, surpassing by 6.7 per cent current inflation rates. According to senior insight analyst Georgia Day, the unsurprising surge has been driven by the [...]
Fees paid to FTSE 100’s auditors hit record sums of more than £1bn December 20, 2022 The UK’s top 100 listed companies paid more than £1bn to their auditors for the first time in 2021/22, following a steady uptick in audit fees linked to a tougher stance from the UK’s accounting regulator. FTSE 100 companies paid a record £1.01bn to their auditors for both audit and non-audit services, in the year [...]
Crypto exclusive: Nexo users do not have ‘unfettered’ right to withdraw holdings, exchange says December 19, 2022 Crypto exchange Nexo has said its customers do not have the “unfettered” right to withdraw their cryptocurrencies from its platform, as it seeks to defend itself from a High Court lawsuit. Instead, Nexo said its customers only have the right to “request” withdrawals, as the exchange said it retains the right to reject any customer [...]
18-year-old Brit arrested in international raid on hacker-for-hire sites December 15, 2022 An 18-year-old in Devon has been arrested by the UK’s National Crime Agency (NCA) following a series of international raids on DDoS-for-hire websites. The international operation – dubbed Operation PowerOFF – saw the FBI, NCA, Europol, and Netherlands Police shut down 48 of the world’s most popular DDoS-for-hire sites. DDoS-for-hire sites – also known as [...]
EY names new leaders of globally separated firms December 14, 2022 EY has named two of its top leaders as heads of the firm’s soon-to-be separate audit and advisory businesses, as it pushes forwards with plans for a global split. EY said current chief executive Carmine Di Sibio will head the new consulting business – NewCo – as it named US managing partner Julie Boland [...]
Solicitors’ watchdog shuts down four Metamorph owned firms December 14, 2022 The UK’s legal watchdog has forcibly closed four law firms owned by national conglomerate Metamorph following reports of directors resigning and staff being left unpaid. The Solicitors Regulation Authority (SRA) also seized cash and documents from the law firm, which was set up by British entrepreneur Simon Goldhill in 2016 with the aim of [...]
Russian oligarch seeks to block fraud lawsuit over sanctions December 14, 2022 A high-profile Russian oligarch is seeking to block an $850m (£685m) fraud lawsuit over claims the Russian banks suing him could use proceeds from the case to “fund the war in Ukraine”. Lawyers acting on behalf of Russian banker Boris Mints called for the High Court lawsuit to be put on hold in arguing any [...]
Milbank boosts position in London market via deal with boutique firm December 14, 2022 New York law giant Milbank has poached almost 30 lawyers from boutique law firm Dickson Minto after snapping up its highly coveted City-based private equity division. The deal will see seven partners and 20 associates from Dickson Minto’s City offices join Milbank’s 140 lawyer-strong London team. Scottish corporate law firm Dickson Minto currently has its [...]