London fund set to lose millions following Mike Ashley’s £20m Misguided acquisition June 7, 2022 The London private equity firm that injected £50m into fast fashion retailer Misguided, in the months running up to its insolvency, is set to lose tens of millions on its investment. Alteri Investors is set to lose £20m- £30m after Mike Ashley’s Frasers Group bought the Manchester based retailer for £20m last week, according to [...]
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New FCA rules to prevent management companies to benefit from claims linked to customers they disadvantaged June 7, 2022 New rules preventing claims management companies (CMCs) from being paid to help in cases where they are connected to a customer losing out in the first place will come into force next month. The changes, introduced from July 7, ban firms from carrying out regulated claims management activity in certain circumstances. Claims management “phoenixing” has [...]
Allianz to take €400m hit after selling majority stake in Russian business June 7, 2022 Allianz has said it will take a €400m hit on its Russia operations, after agreeing to sell a majority stake in the business to the London registered company that owns one of Russia’s major insurance companies. The German insurer has agreed to sell a 50.1 per cent stake in its Russian business to London registered [...]
Hertfordshire prison says all incoming mail must be sent through Moonpig, Funkypigeon and Freeprints June 7, 2022 Inmates at a Hertfordshire prison will only be able to receive mail from Funky Pigeon, Moon Pig and Freeprints due to drug safety concerns. In announcement posted on Twitter, the letter from HMP The Mount’s governor Paul Crossey said the move was taken because it has “become increasingly concerned with the threat presented by psychoactive [...]
FRC slaps PwC and City partner Jonathan Hook with staggering £5m fine and severe reprimands June 7, 2022 The Financial Reporting Council said this morning the watchdog has fined auditor PricewaterhouseCoopers and one of its London partners more than £5m for their audit of two construction companies. The regulator said that PwC and audit engagement partner Jonathan Hook would also face severe reprimands. The fines are linked to the audit of Kier Group’s [...]
LV= appoints new chair as insurance mutual’s CEO faces calls to quit June 7, 2022 LV= has appointed Simon Moore as its new chair, as the insurance specialist’s chief executive faces renewed calls to step down. Moore, who presently holds the position of chair at consumer lending firm PCF and digital bank RCI Bank UK, will succeed interim chair Seamus Creedon. Moore said he was “determined” that the legacy firm [...]
Private equity firm set to finalise £200m deal to take over government contracts Amey Plc June 6, 2022 The London private equity firm that currently employs ex-Tory minister Philip Hammond is seeking to a finalise a deal to takeover one of Britain’s biggest civil engineering firms, Amey Plc. Buckthorn Partners, which took on Lord Hammond as a partner in 2020, has teamed up with US private equity firm One Equity Partners to buy [...]
LV= chief executive Mark Hartigan faces renewed pressure to stand down after MPs step in June 6, 2022 LV= chief executive Mark Hartigan is facing renewed pressure to step down from his role, after MP’s called on the exec to exit the mutual insurance firm. In an interview with the Mail on Sunday, Tory MP Kevin Hollinrake said: “It is high time Mark Hartigan left the company. Every day he stays he’s earning [...]
Binance hits back at claims it’s a ‘hub for hackers, fraudsters and drug traffickers’ June 6, 2022 Binance, the world’s largest cryptocurrency exchange, has brushed aside claims it is a “hub for hackers, fraudsters and drug traffickers,” after a Reuters investigation accused the Cayman Islands registered firm of serving as a “conduit for the laundering of at least $2.35bn in illicit funds”. In a blog post responding to Reuters’ article, the coin [...]