Lloyd’s of London says state-backed cyberattack policy is ‘responsible’ September 5, 2022 Lloyd’s of London has defended plans to stop providing insurance coverage for state-backed cyberattacks. In an interview with the Financial Times, Lloyd’s chief of markets Patrick Tiernan said the insurance marketplace is “being responsible” by taking a cautious approach. In a note last month, Lloyd’s explained that the potential for state-backed cyberattacks to spread could [...]
Revolut under pressure to improve internal controls following audit watchdog’s report September 5, 2022 Revolut is facing pressure from its auditor, BDO, to improve its internal processes, after the UK’s audit watchdog raised concerns about BDO’s audit of the London fintech company’s accounts. The fast-growing fintech firm is facing scrutiny from BDO, following a report from the UK Financial Reporting Council’s (FRC’s) in July that warned BDO’s audit of [...]
BDO bolsters audit practice with 600 new trainees following watchdog’s damning criticism September 5, 2022 Accountancy firm BDO has hired 600 new trainees, including 400 to its audit practice, after the UK’s accountancy watchdog slammed the challenger firm over the “unacceptable” quality of its audits. The world’s fifth largest accounting firm will take on board 600 school leavers and university graduates at its offices across the country, with almost half [...]
Serious Fraud Office to call for overhaul of disclosure regime following trial issues September 4, 2022 THE UK’s Serious Fraud Office (SFO) is pushing for the UK’s current disclosure framework to be reformed and brought into the 21st century, City A.M. has learned. The head of the fraud agency, Lisa Osofsky, is expected to use a speech in Cambridge tomorrow to call for an overhaul of the current disclosure regime, which [...]
Information watchdog reviews data complaint from striking barristers September 4, 2022 THE UK’s data protection watchdog is reviewing a complaint that argues justice secretary Dominic Raab could have breached privacy laws, after he allegedly requested that the names of striking barristers be collected and handed over to the Ministry of Justice (MoJ). London law firm Mishcon de Reya, acting on behalf of the Criminal Bar Association [...]
Solicitors watchdog to regulate after-work drinks and private parties September 4, 2022 The solicitors’ watchdog has said it will take action to investigate and prosecute cases of sexual misconduct that happen away from the office – even if those incidents occur at a pub or in a person’s home. The Solicitors Regulation Authority (SRA) said it will intervene in cases of sexual misconduct that take place in [...]
Magistrates’ Court workers to worsen disruption with nine-day strike September 4, 2022 Magistrates Court workers are set to add to the disruption facing the UK’s criminal justice system by launching a nine-day strike, from the 10th to the 18th September. The strike, involving members of the Public and Commercial Services (PCS) union, will see court staff take industrial action over the government’s £1bn courts digitalisation strategy. The [...]
Japan’s ‘Big Four’ law firm Anderson Mori picks London for first European venture September 4, 2022 One of Japan’s biggest law firms, Anderson Mori & Tomotsune, has opened a new office in London, in its first venture outside of Asia. The launch of the ‘Big Four’ Japanese firm’s London office marks Anderson Mori’s first venture outside its home continent, after the firm opened its first international offices, in Beijing, in [...]
Artificial Intelligence: UK’s Supreme Court to rule on letting robots patent inventions September 4, 2022 The UK’s highest court is set to decide whether artificial intelligence (AI) robots should be allowed to patent their own inventions. Britain’s Supreme Court has agreed to hear a computer scientist’s bid to list his AI machine as the sole inventor of two separate products, in an application to the UK’s patent office. The Supreme [...]
Bain & Co to challenge UK government’s ban via judicial review September 4, 2022 Bain & Co is set to challenge the Cabinet Office’s decision to ban it from competing for government contracts, via a judicial review. The US consultancy has applied for a judicial review of the Cabinet Office’s decision last month to ban the firm from tendering for UK government work, the Financial Times reported. The UK [...]