UK Supreme Court reverses radical reinterpretation of contract law July 16, 2021 Termination of a contract does not exempt a contractor from liquidated damage payments, the UK Supreme Court ruled today. The verdict, which overturned what judges branded a ‘radical re-interpretation of case law’ by the Court of Appeal, concludes a long-running legal dispute between US-based contractor Triple Point Technology and PTT Public Company, over the former’s [...]
Upsurge in FCA voluntary resignations costs watchdog over £7m July 16, 2021 The cost of the Financial Conduct Authority’s “voluntary resignation programme” has surged to over £7m compared to just £200,000 last year. The watchdog’s figures, published in its annual report for the year to April, showed the jump, in the number of staff who took advantage of its “Mutually Agreed Resignation Scheme” (MARS) in the year [...]
Burford Capital cashes in with £75m for role in high-profile Russian divorce battle July 16, 2021 Partners at Burford Capital, the City firm that backed the ex-wife of a Russian billionaire in her High Court divorce battle, have been paid £74.6m for their role in the high profile case. The financier, which funds claimants in legal disputes with the aim of taking a cut of any settlement, told the London Stock [...]
Exclusive: ‘The recovery is going to be rocky and uneven’, warns fraud fighter Martin Sweeney July 14, 2021 Londoner Martin Sweeney started off at taxi app Hailo as a founding engineer. While there, he worked on a project to predict which orders were likely to be fraudulent. Finding nothing suitable on the market to solve this problem, or at least with the speed or accuracy he and his team wanted, Sweeney and some colleagues decided to [...]
Financial industry to invest in new tech as UK economy rebounds July 14, 2021 Over two thirds of banking and financial services companies plan to invest in new technology and diversify the types of tech they use, according to new research. A survey of 250 senior decision makers found that almost three quarters will invest in improving the quality of their core technology over the next year, as the [...]
Aviva warns government on building safety hit to UK property market July 14, 2021 Aviva warns the government that institutional investors could be scared away from the UK residential property market because of its new safety proposals for high-rise buildings, prompted by Grenfell. The UK insurer asked the government to consider how its new “Building Safety Bill” would financially affect their owners last year in a letter in November [...]
Macfarlanes to pay new solicitors £100,000 as salary war grips the City July 14, 2021 Macfarlanes to pay new solicitors £100,000 as salary war grips the City
Collective raises £6m with Silicon Valley NFX, amid growing demands for gig worker benefits July 14, 2021 Collection Benefits, a UK insurance tech startup, have raised £6m in a round led by a Silicon Valley venture fund, as the demand for insurance and benefits in the gig economy continues. The year-old insurance provider also announced the appointment of Pete Flint OBE, the co-founder of Lastminute.com and a general partner at NFX, as [...]
Assets under management swell $4.5bn at Ashmore July 14, 2021 Assets under management swell $4.5bn at Ashmore
More staff yearn for their pre-pandemic commutes as return to looms July 12, 2021 More staff yearn for their pre-pandemic commutes as return to looms