UK must ensure it’s world’s ‘safest place to do business,’ City of London police boss says October 25, 2022 The UK must protect itself against fraud and cybercrime to ensure it is the “safest place to do business in the world,” the head of the City of London police’s authority board said. The chair of the City of London police authority board James Thompson said ensuring businesses and customers are protected is “vital” to [...]
Insurance sector’s hard-nosed approach sees surge in High Court battles October 25, 2022 A hard-nosed approach towards paying out on policies, particularly in relation to Covid-19 business interruption claims, has led to a surge in lawsuits being filed against the UK’s insurers, new research shows. The number of High Court lawsuits filed against insurance companies more than tripled between 2017 and 2021, as policyholders increasingly resorted to legal [...]
Credit Suisse pays £208m to settle French probe October 24, 2022 Credit Suisse has agreed to pay France €238m (£208m) to settle a tax fraud and money laundering probe brought against it by the country’s economic crime agency. The embattled financier said in a statement it had reached a settlement with France’s Parquet National Financier (PNF) financial crime unit to resolve a “legacy matter” relating to [...]
Funding struggles see UK’s small firms resort to personal loans for financing October 24, 2022 UK small business owners are increasingly taking out personal loans to fund their firms due to the troubles they face in securing external capital. More than half (55 per cent) of UK small and medium-sized enterprise (SME) owners have taken out a personal loan to fund their business, research by tech firm Codat shows. The [...]
Property lawyers should prepare for 2008-style crash, regulator says October 24, 2022 Property law firms should ready themselves for a “significant fall” in work as a result of a downturn in the UK’s real estate sector, the industry regulator has said. The Council for Licensed Conveyancers (CLC), which regulates conveyancers and property solicitors, said firms should prepare for a reversal of the past decade’s boom as economic [...]
MPs call for crackdown on advisors enabling tax avoidance schemes October 24, 2022 A group of cross-party MPs have called on the UK government to begin cracking down on the accountants and financial advisors that facilitate tax avoidance schemes. In a new report, the all-party parliamentary group (APPG) on anti-corruption and responsible tax called for the UK’s tax system to be overhauled, to boost growth, increase tax revenues, [...]
UK’s data watchdog warns against ‘complacency’ after fining Interserve £4.4m over cybersecurity breach October 24, 2022 The head of the UK’s data watchdog has vowed to fine firms falling short on cybersecurity after warning “complacency” within companies is the “biggest cyber risk businesses face”. The warnings come after the UK’s Information Commissioner’s Office (ICO) today fined British construction firm Interserve £4.4m over its failure to protect its employees’ data from cyberattacks. [...]
Glencore faces probe over alleged payment to Zambian political party October 23, 2022 Zambia’s Anti-Corruption Commission (ACC) has launched an investigation in connection with a matter relating to an alleged $3m (£2.65m) payment made by commodities giant Glencore to a political party in the southern African country. In a statement, the Zambian corruption watchdog said the investigation is centred on the circumstances under which Glencore allegedly paid the [...]
Lloyd’s chief is ‘hopeful’ insurance marketplace will stay in City HQ October 23, 2022 Lloyd’s chief John Neal has said he remains “hopeful” the insurance marketplace will stay in its iconic City of London HQ, amid rumours the firm is planning to exit its purpose-built offices when its lease ends in 2031. In an interview with The Times, the Lloyd’s of London chief executive said the insurer is “still [...]
Britannia Hotels sues Aviva for £6.25m over Aberdeen fire losses October 23, 2022 Britannia Hotels has filed a £6.25m lawsuit against its insurer, Aviva, over claims it is owed millions as a result of the London insurance firm’s refusal to pay out on a claim for losses caused by a fire at its Aberdeen hotel. The hotel group has filed a High Court lawsuit against Britain’s largest insurer [...]