EY split could undermine audit quality, former partners warn November 17, 2022 More than 150 former EY partners have written a letter to the accounting firm’s board, warning its plans to split in two could weaken both segments of the business and undermine EY’s audit quality. The ex-EY partners noted the firm’s new standalone audit business – AssureCo – will have “significantly lower” earnings than its advisory [...]
Former FCA risk manager fails to revive whistleblowing claim against UK’s financial watchdog November 17, 2022 A former risk manager at the UK’s Financial Conduct Authority (FCA) has failed to revive his employment lawsuit against the City watchdog, after claiming he was pushed out of his job for whistleblowing. FCA exec Walker Sigismund claimed he was unfairly fired from his job over his decision to file 27 separate whistleblower reports, about [...]
UK law firms hit harder by global economic headwinds than US rivals November 17, 2022 Law firms worldwide have seen demand for their services slow over the first half of 2022, according to new research. US law firms are however seeing stronger growth than their British and Australian rivals, the research from Thomson Reuters shows. The situation has seen demand for US law firms’ services continue to grow over [...]
Mitie feels the pinch of covid-contract drop-off November 17, 2022 Outsourcing firm Mitie said a drop-off in high-margin Covid contracts had dented profits in the first half of the year despite new contract wins and price inflation helping lift revenues.
Zurich sets out more ambitious financial goals after posting highest profits since 2008 November 16, 2022 Zurich Insurance today vowed to “build a clear leadership position in the insurance industry” in pledging to pursue more ambitious financial targets over the next three years. The Swiss insurer said it is now aiming to grow its annual earnings per share at a rate of eight per cent each year over the period 2023-25. [...]
Clifford Chance to leave Canary Wharf HQ for new City offices November 16, 2022 Clifford Chance is set to return to the City after striking a deal to leave its Canary Wharf headquarters in 2028. The Magic Circle law firm has struck a deal with Great Portland Estates (GPE) to rent 321,000 sq ft of office space at the property developer’s 2 Aldermanbury Square project, which is set to [...]
HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
Solicitors watchdog should ‘reconsider’ plans for turnover-linked fines, Law Society says November 15, 2022 The Solicitors Regulation Authority (SRA) should “reconsider” plans to let itself begin serving fines equivalent to five per cent of a law firm’s annual revenues, the Law Society has said. The Law Society said fines matching five per cent of a law firm’s annual revenues would be “excessive and unjustified” as it urged the SRA [...]
Gupta’s UK steel business strikes nears deal with creditors to stave off bankruptcy November 15, 2022 The UK arm of Sanjeev Gupta’s steel empire has struck a preliminary deal with major creditors that could let it stave off insolvency proceedings by restructuring its debts. Liberty Steel Group has reached a preliminary agreement with Credit Suisse Asset Management, Greensill Capital, and Greensill Bank to restructure its debts, the steelmaker said in a [...]
UK failing to tackle fraud epidemic, warns National Audit Office November 15, 2022 The UK government lacks a coherent strategy for tackling fraud and has significant gaps in its understanding of the problem, according to a new report by the National Audit Office (NAO). The situation has seen action taken against fraudsters drop over the past five years, even as the level of fraud across the economy has [...]