Brexit in the City: New powers for watchdogs FCA and PRA as UK moves away from EU rules November 10, 2021 The City’s main regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), will be given new powers to set rules as the UK moves away from the EU framework after Brexit, according to Government proposals. Regulators will be required to consider how the UK’s financial sector can grow and compete internationally when setting [...]
All eyes on the UK Supreme Court today as it will rule on £2bn lawsuit by 4m Brits against Google November 10, 2021 Should a billion-pound legal action against Google over claims it secretly tracked millions of iPhone users’ internet activity be allowed to go ahead? The UK’s highest court will give its verdict at 9.45am today. Former Which? director Richard Lloyd, supported by the campaign group Google You Owe Us, wants to bring a “representative action” against [...]
EY partner keeps job after lewd comments to trainee November 9, 2021 An EY partner has escaped being stricken off, after telling a female trainee “I’ll be bashing you from behind this afternoon,” on a company skiing trip, according to reports. Neil Hutt was found to have behaved in an “obscene and aggressive” manner, by a disciplinary hearing into the 51-year-old’s behaviour at an annual company trip [...]
Lottery scammers impersonate Simmons & Simmons staff November 9, 2021 Fraudsters have used the name of Simmons & Simmons in a hoax to convince victims they have won the lottery, in the latest scam using City law firms. The scam phone calls from people purporting to be at Simmons & Simmons prompted the Solicitors Regulation Authority (SRA) to issue an alert last week warning members of [...]
UK audit reforms and governance to be watered down after business backlash November 9, 2021 The UK’s reform package to overhaul corporate governance and auditing will be “scaled back” following pushback by businesses, according to reports. Officials working on the plans, which are being finalised, are expected to water down some of the proposals, the Financial Times reported. The reform package, which has been touted as the biggest overhaul to [...]
Australian treasury accused of pressuring ex-KPMG partner to omit $10bn gap in report November 8, 2021 A former KPMG partner has claimed he lost his job after being pressured by an Australian public servant to change a document that found a $10bn gap in the Treasury’s finances, according to reports. In a parliamentary hearing today, Brendan Lyon said he received “professional, ongoing attacks,” from public servants and that the Australian treasury [...]
Norton Rose Fulbright joins junior lawyer pay war with salary raise to £95k November 8, 2021 Norton Rose Fulbright will increase pay for newly qualified lawyers by 12 per cent, as it joins the clamour for fresh legal talent, according to reports. The law firm announced a new “compensation strategy” which rewards new junior lawyers with an additional £10,000 a year, bringing their annual salary to £95,000, according to Legal Cheek, [...]
KPMG eyes larger piece of UK’s asset management pie as it lures EY and UBS veterans November 8, 2021 Accountancy giant KPMG is ramping up its efforts in the UK’s wealth and asset management space as the firm has appointed a range of new partners. KPMG said it has appointed Dean Brown as a partner and Shelley Doorey-Williams as an Associate Partner in its market leading Wealth and Asset Management practice. Brown will support [...]
City law pay war intensifies: Ropes & Gray raises new lawyer salaries to eye-watering £147k November 5, 2021 Ropes & Gray has hiked the salaries of newly qualified lawyers in London by 13 per cent, as the bidding war for legal talent intensifies. Freshly qualified lawyers at the London offices of the US law firm will now take home £147,000 – with their bonus added on top – marking a neat step up [...]
Stephenson Harwood raises newly qualified lawyer salaries to £90,000 November 4, 2021 Stephenson Harwood have raised salaries for newly qualified solicitors by 20 per cent to £90,000, as City law firms fight to attract and retain legal talent in an increasingly competitive market. While newly qualified lawyers enjoy a jump up from £75,000, staff across different levels will receive bumpers, ranging from 8-17 per cent, to their [...]