FRC tells Big Four auditors to accelerate break-up plan February 27, 2020 The Financial Reporting Council (FRC) has told the Big Four to accelerate the ring-fencing of their audit businesses by strengthening independent governance and improving financial transparency. The regulator wrote to Deloitte, EY, KPMG and PwC this week to set out details of the ‘operational separation’ blueprint, according to Sky News. The FRC is reported to [...]
US legal giant Latham & Watkins boosts revenue to record $3.7bn February 26, 2020 US law firm Latham & Watkins today announced a revenue boost of 11 per cent to $3.76bn (£2.91bn) for the 2019 calendar year. Latham, which has been heavily investing in its City office in recent years, became the first law firm to surpass the $3bn revenue mark in 2018. Its London revenue is understood to [...]
Ex-Freshfields partner Ryan Beckwith to take sex case fine to High Court February 25, 2020 Ex-Freshfields partner Ryan Beckwith who was fined by the solicitors’ watchdog after a drunken sexual incident with a junior lawyer has lodged an appeal against the decision in the High Court. In October, married restructuring lawyer Beckwith was fined £35,000 and ordered to pay costs of £200,000 by the Solicitors Disciplinary Tribunal (SDT). The tribunal [...]
Is the SFO giving executives an easy ride in bribery cases? February 25, 2020 The Serious Fraud Office (SFO) has developed a lucrative model of targeting large companies in bribery and corruption cases, striking a Deferred Prosecution Agreement (DPA) to suspend criminal charges and extracting a sizeable financial penalty. Last month, the SFO agreed a €991m (£831m) DPA with planemaker Airbus as part of a €3.6bn deal with prosecutors [...]
Solicitors’ watchdog will not appeal against decision not to strike off ex-Freshfields partner Ryan Beckwith after ‘inappropriate’ sex case February 24, 2020 Solicitors’ watchdog the Solicitors Regulation Authority (SRA) said today it will not seek to appeal against a tribunal decision that allowed former Freshfields partner Ryan Beckwith to remain a member of the profession. In October, restructuring lawyer Ryan Beckwith was fined £35,000 and ordered to pay costs of £200,000 by the Solicitors Disciplinary Tribunal (SDT). [...]
Audit watchdog to test how companies and auditors report climate change risk February 20, 2020 Audit watchdog the Financial Reporting Council (FRC) today announced a major review of how companies and auditors report on the impact of climate change. The FRC said it will review the extent to which UK companies and auditors are responding to the the impact of climate change on their businesses to ensure reporting requirements are [...]
PSG president Nasser Al-Khelaifi charged in bribery case February 20, 2020 Paris St-Germain president Nasser Al-Khelaifi has been indicted by Swiss authorities in connection with a wider Fifa bribery investigation concerning World Cup television rights. Prosecutors have charged Al-Khelaifi with inciting former FIFA secretary general Jerome Valcke to commit criminal mismanagement. Valcke – who had influence over awarding TV rights for FIFA tournaments until 2015 – has also [...]
Hays profit slumps as fee income falls February 20, 2020 Recruitment firm Hays reported a fall in profit this morning after the UK general election and a weak economy in Germany hurt revenue. The figures Like-for-like operating profit dropped 18 per cent to £100.1m, down from £124.1m in 2018, as net fees slumped two per cent to £553.1m. Profit before tax was also down 22 [...]
Judges accused of not using powers to cut employment tribunal backlog February 17, 2020 Judges are not exercising their power to dismiss claims early at employment tribunals, despite a growing backlog, a law firm said. Over the last year, judges did not use their power of early dismissal in any of the 94,330 new cases received by employment tribunals. Judges have the power to dismiss a claim or a [...]
Banknote printer De La Rue set for review of finances February 15, 2020 The Bank of England’s banknote printer, De La Rue, is set for talks with its lenders after calling in advisers to review the business. De La Rue’s banking syndicate, led by HSBC, has appointed FTI Consulting to negotiate the future of its borrowing arrangements with lenders, according to Sky News Last November, the firm said [...]