FCA insists it protects consumers from investment harm despite criticism January 18, 2021 The Financial Conduct Authority (FCA) opened 1,500 supervisory cases involving scams or high risk investments in the first 10 months of 2020, in an effort to clamp down on consumer investment harm. The city regulator also stopped applications for authorisation from 343 financial services firms and individuals where the potential for consumer harm was identified [...]
City salaries up this quarter as London weathers worst of 2020 January 18, 2021 Salaries in the City of London are up 14 per cent on the last quarter, as the city moves past the worst of the pandemic damages. The city jobs market has remained resilient despite the triple threat of the pandemic, Brexit trade deal and the US election. Brexit has also failed to deliver a big [...]
Norton Rose Fulbright cuts over 100 London jobs January 15, 2021 Norton Rose Fulbright has cut 132 roles in its Europe, Middle East and Asia division, with London the worst affected city. The international law firm has made 114 redundancies in London, largely of secretarial and business service functions, including some contractors and 19 individuals of counsel and associate level. Norton Rose Fulbright has contacted those [...]
Weinstein prosecution of A&O partner scrapped because of ill health January 14, 2021 Proceedings against an Allen & Overy partner that relate to an NDA agreement he helped negotiate on behalf of Harvey Weinstein have been scrapped. The Solicitors Disciplinary Tribunal (SDT) has permanently stayed proceedings against Mark Mansell because he is suffering from ill-health. Medical experts on both sides agreed the continuation of proceedings, and in particular [...]
SRA backs down on high profile sexual misconduct case January 14, 2021 The Solicitors Regulation Authority (SRA) has decided not to appeal a High Court ruling that followed a high-profile case featuring jagerbombs, a magic circle law firm and alleged sexual misconduct. The SRA will not appeal a High Court ruling in favour of an ex-Freshfields partner who allegedly took advantage of a junior colleague. The SRA [...]
EY gender pay gap shrinks as ethnicity pay gap widens January 14, 2021 Ernst & Young has reported a 32.4 per cent gender pay gap among its staff, as at April 2020, and a nearly 37 per cent ethnicity pay gap. EY UK chairman Hywel Ball said the gender pay gap at the Big Four firm had improved by 4.7 per cent in the last year, which was [...]
Singapore audit reform stresses need for UK action, IIA warns January 13, 2021 Recent changes to rules surrounding audit in Singapore have highlighted why action on audit reform in the UK is crucial, the CEO of the Chartered Institute of Internal Auditors has warned. CEO John Wood said reform of the UK’s audit sector was necessary to protect the UK’s leading reputation in corporate governance. The Singapore stock [...]
PwC to examine possible fraud in govt coronavirus loan programme January 12, 2021 The government-owned British Business Bank (BBB) has brought on PwC to examine cases of possible fraud in its Covid-19 business loans programme. The loan programme was established to help smaller businesses impacted by coronavirus. According to website Consultancy.co.uk, BBB tapped PwC to look into possible fraud, having previously worked with the Big Four firm and [...]
Taxman snoops on 18,000 phone records and web histories January 11, 2021 HMRC made 18,464 requests to access communications data like phone records and web histories to aid its criminal investigations in 2019, according to city law firm RPC. The total number of communication requests was up slightly on 2018’s 18,263 requests. The latest available data was from 2019. The taxman can request data held by telecoms [...]
Clifford Chance appoints new executive partner and general counsel January 8, 2021 Clifford Chance has made Robin Abraham its next executive partner and general counsel after a 16 year career at the law firm. Abraham will succeed Chris Perrin, who has been in the position since 2003. Abraham will formally take up his new role at the magic circle firm on 1 May, and is already working [...]