Glencore to pay £147m over Democratic Republic of Congo corruption claims December 5, 2022 Glencore has agreed to pay $180m (£147m) to the Democratic Republic of Congo (DRC) to settle “all present and future” lawsuits arising from the large-scale international bribery scandal currently facing the firm. In a statement, Glencore said the $180m deal acts to settle any existing or future claims relating to the corruption allegations surrounding [...]
Legal sector talent war drives boom in London office market December 5, 2022 Britain’s top law firms are driving a surge in demand for City office buildings in their efforts to win over talent and meet their ESG goals. Law firms have taken up a record 1.5m square foot of office space in 2022, following a series of big deals involving Britain’s top firms, data from Knight Frank [...]
Tax Tribunal backlog soars following HMRC crackdown on fraudulent umbrella companies December 4, 2022 The backlog of cases waiting to be heard in the UK’s tax tribunal has surged following an HMRC crackdown on fraudulent “umbrella companies”. The number of cases waiting to be heard in the First-Tier Tax Tribunal has increased 84 per cent over the previous year to heights of 46,000, according to UK government figures. The [...]
PwC seeks to bolster top ranks by poaching partners from Big Four rivals December 4, 2022 PwC is seeking to bolster its top ranks by poaching partners from its Big Four rivals. The accounting firm is hoping to hire up to 500 new partners with expertise in tax, cloud services, financial crime, and ESG advice, the Financial Times first reported. In doing so, PwC is seeking to take advantage of discontent [...]
Insurers are undervaluing policy holders’ cars, FCA warns December 4, 2022 The UK’s financial watchdog has warned insurers against undervaluing policyholders’ vehicles after seeing evidence of customers being offered payouts less than their cars are worth. The Financial Conduct Authority (FCA) said it had seen evidence of customers who have had their cars written off being offered less money than their vehicle’s fair market price. It [...]
Linklaters cashes in on UK push to bolster naval fleet December 4, 2022 Magic Circle law firm Linklaters is cashing in on the Royal Navy’s push to bolster its fleet with the purchase of five new battleships from British arms manufacturer BAE. The City law firm is advising the UK’s Ministry of Defence (MoD) as it pushes forwards with the purchase of five new battleships from BAE Systems [...]
Art dealer’s sale of aristocrat’s French masterpiece was not negligent, court rules December 4, 2022 A London art dealer who advised a British aristocrat to sell an 18th century French masterpiece for a fraction of its actual worth did not act negligently, a court has ruled. The court ruled in favour of Simon Dickinson after Amanda Fielding, Countess of Wemyss and March, sued the art dealer over claims he [...]
Collapsed City pension firm fined millions by FCA over ‘unsuitable’ advice to British Steel workers December 2, 2022 Pembrokeshire Mortgage Centre Limited (PMC), trading as County Financial Consultants, has been fined nearly £2.4 million for unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other pension schemes, the Financial Conduct Authority (FCA) said. PMC advised 420 consumers, nearly two-thirds of whom were BSPS members, on whether to [...]
KPMG to bolster legal services offering through deal with Zico Law December 1, 2022 KPMG has struck a deal to incorporate one of South East Asia’s biggest law firms, Zico Law, into its global partnership. The deal will see Zico Law’s more than 275 lawyers join KPMG’s 2,900-strong legal team. The merger is set to expand KPMG’s footprint in the Asia Pacific region, by extending its legal services offerings [...]
Natural catastrophes to cost insurers more than $100bn for the second year in a row December 1, 2022 The global insurance sectors’ losses from natural catastrophes are set to surpass sums of $100bn (£81.5bn) for the second year in a row, new data from Swiss Re shows. Natural catastrophes will cost insurers an estimated $115bn this year, after Hurricane Ian and a series of “secondary perils” caused $260bn worth of damage in 2022, [...]