EY UK to cut partner profit 20 per cent in coronavirus response April 15, 2020 EY UK said today it will cut partner profit 20 per cent in response to the coronavirus pandemic. The firm said in a statement that “its partners will do everything possible to navigate through the covid-19 situation with no redundancies amongst its 17,000 UK employees, no people furloughed and no reduction in employee salaries.” The [...]
Tilney and Smith & Williamson merger delayed by coronavirus crisis April 15, 2020 The merger between Tilney and Smith & Williamson has been delayed by the coronavirus pandemic with significant doubts remaining as to whether it will go ahead. Smith & Williamson shareholder AGF Management told the Toronto Stock Exchange today that the deal would continue with a revised structure with the targeted closing date pushed back until [...]
Deloitte UK cuts partner profits 20 per cent and freezes salaries in response to coronavirus slowdown April 15, 2020 Deloitte UK will cut partner profits 20 per cent profit this year and staff across the business will have their salaries frozen in response to the coronavirus slowdown, the firm’s senior partner said today. The firm is also delaying the distribution of profits to partners to try and conserve cash. Senior partner and chief executive [...]
Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
Freshfields suspends partner profit distribution and freezes pay April 6, 2020 Magic Circle law firm Freshfields Bruckhaus Deringer has suspended partner profit share for the fourth quarter and frozen pay across the firm to help weather the economic crisis triggered by coronavirus. The firm has also deferred decisions on staff bonuses until later in the year. A Freshfields spokesperson said: “We are focused on supporting our [...]
PwC UK freezes pay as partners told they will shoulder financial burden of crisis April 5, 2020 PwC UK froze promotions, pay rises and bonuses for staff last week and told partners they will shoulder the financial burden of the economic crisis triggered by the coronavirus lockdown. The Big Four firm has delayed its staff appraisal programme that normally kicks off after 31 March, meaning bonuses, pay rises and promotions will not [...]
Second wave of nudge letters seeking offshore funds lands from HMRC April 2, 2020 In last month’s Budget, chancellor Rishi Sunak declared that the Treasury would raise an additional £4.7bn over five years by further combating tax evasion and avoidance. Thousands of letters were sent at the end of February by HMRC, asking individuals suspected of not disclosing offshore assets to review their affairs. This is sent along with [...]
Morrisons wins legal case over data breach liability April 1, 2020 The UK’s highest court has ruled that Morrisons is not legally liable for the actions of a disgruntled former employee who leaked the data of more than 100,000 workers. Supreme Court judge Lord Reed ruled this morning that the supermarket was not vicariously liable for the conduct of Andrew Skelton, who was jailed in 2015 [...]
How are criminals getting our information? April 1, 2020 | Sponsored In these difficult times, we should be vigilant against criminals using the publicity around Coronavirus as a chance to target people with fraudulent emails, phone calls, text messages or social media posts. Most of us think we’re too smart to get caught out by fraud and scams but, the truth is, criminals are increasingly using sophisticated [...]
Online scams and home working April 1, 2020 | Sponsored Suddenly, we’re all in the same boat – focused on little apart from protecting ourselves, our loved ones, friends, incomes and businesses.Tony Neate, CEO of cybersecurity advice provider Get Safe Online, has advice for employers and individuals facing home working for the first time. For most of us, in whatever sector we work or run [...]