Education watchdog to crack down on universities offering “poor quality” degrees January 20, 2022 The government’s university watchdog is planning to crack down on “poor quality” degree courses that fail to make graduates employable. The Office for Students (OfS) said universities and colleges that are not up to standard could face fines and restrictions on their access to funding in the form of student loans. The watchdog said courses [...]
PwC names veteran partner as new head of private equity division January 20, 2022 PwC has named veteran PwC partner Hugh Lloyd Ellis as the new leader of its Private Equity business. Ellis, who has worked at PwC for the more than 15 years, graduated with a degree in maths and economics from UCL in 2003 before joining London-based accountancy firm Kingston Smith W1 the same year. Between 2013 [...]
Cyberattacks on the rise as skills shortage sees law firms made easy target January 20, 2022 Law firms, accountants, and consultancies are becoming an easy target for cyberattacks, as they lack the IT skills to protect themselves. Almost two-thirds (65 per cent) of IT experts working in professional services companies said they believe their firms are facing a shortage of cybersecurity skills, according to a report from cybersecurity company Keeper. In [...]
McKinsey to face racketeering lawsuit, after case revived in appeal January 20, 2022 A US court has reopened a case against consultancy giant McKinsey, alleging the US firm filed false statements in bankruptcy courts to win lucrative consulting contracts. The US Court of Appeals revived a racketeering case put forward by consulting firm AlixPartners, claiming McKinsey misled the bankruptcy court over its conflicts of interest, meaning it won [...]
Law sector’s toxic work culture is harming productivity January 20, 2022 The legal sector’s toxic workplace culture is pushing lawyers out of jobs and harming their mental health and productivity, new research shows. More than half of people working in the legal sector have left a job because of toxic culture in the workplace, according to a survey from software company Culture Shift. At the same [...]
Battle of the City skyscrapers heats up as shiny new 22 Bishopsgate lures law firm McDermott away from Heron Tower January 20, 2022 City law firm McDemott Will & Emery is moving out of the Salesforce Tower, commonly known by its former name as the Heron Tower, to move to the 46th floor of the brand new 22 Bishopsgate skyscraper. The Salesforce Tower, minutes from Liverpool Street, housed the Chicago-based law firm for more than a decade. However, [...]
British insurer drops “energetic” and “enthusiastic” from job ads to attract older employees January 19, 2022 One of Britain’s biggest insurers is set to stop using the words “enthusiastic” and “energetic” in job adverts, so as not to deter old people from making applications. Phoenix Group, which owns insurance company Standard Life, will also use “age-diverse” imagery in its postings to increase “the likelihood of older applicants applying.” The plans come [...]
Climate-conscious insurers scrap coal exit policy to stay on right side of antitrust rules January 19, 2022 A coalition of climate-conscious insurance companies have reportedly scrapped plans to stop insuring coal miners, to ensure they are not violating antitrust laws. The Net Zero Insurance Alliance, whose founding members include Axa, Allianz, and Aviva, dropped plans for a coal exit, after receiving advice from lawyers that the plans to join forces to prevent [...]
Ex-Deloitte manager claims Deloitte defrauded VW and ignored #MeToo allegations January 19, 2022 A former manager at Deloitte has accused the firm of defrauding Volkswagen and failing to investigate allegations of sexual harassment in its Stuttgart office. The former manager, who is currently suing Deloitte for unfair dismissal, told a Stuttgart labour court that Deloitte overcharged Volkswagen, after billing the car manufacturer for more hours than it had [...]
Former KPMG partner fined £150,000 for misleading regulator January 19, 2022 Britain’s accounting watchdog has fined former KPMG partner Stuart Smith £150,000, after he admitted misleading the regulator during a spot inspection. Smith and KPMG admitted misleading the UK’s Financial Reporting Council (FRC) during its inspection of an audit of data management firm Regenersis’ financial statements. Smith will also be banned from the Institute of Chartered [...]