London Capital & Finance investors rage against the FCA, EY and PwC in stormy meeting April 24, 2019 Angry bondholders of collapsed lender London Capital & Finance railed against the Financial Conduct Authority (FCA) and accountants PWC and EY today at a packed meeting in City Temple church. Furious investors raged against the FCA, blaming it for failing to intervene in the regulated firm sooner. “We’ve been sold down the river!” One investor [...]
Former UBS officer had ‘no motive and no money’ in alleged insider trading deals, court hears April 23, 2019 A former UBS compliance officer accused of insider trading had “no motive and no money” pegged to the alleged crime, a court has heard. Fabiana Abdel-Malek has been accused of disclosing price-sensitive information regarding five company takeovers to her family friend and trader, Walid Choucair, between June 2013 and June 2014, allowing him to make [...]
City grind: Will law’s stuffy image and long hours stop it attracting top talent? April 22, 2019 Law firms are the original pyramid scheme. The model depends on a wide base of junior lawyers working long hours to generate cash for partners who sit at the top and take a share in the profits. Arguably it is a model that has had its day in an era where a younger generation increasingly prioritises [...]
UK financial services face talent crisis over social mobility and “boring” reputation April 21, 2019 The UK’s financial services sector is facing a talent crisis as would-be employees are put off by its reputation for being “boring”, a new survey has revealed. Research carried out by Big Four auditor KPMG showed 65 per cent of the UK population would not consider taking a job in the financial services sector. Read [...]
HMRC has warned young adults to be wary of tax rebate scams April 20, 2019 HM Revenue and Customs (HMRC) has warned young adults to be wary of text message and phone call scams as people try to impersonate the government body. It is at this time of year when there are legitimate rebates being processed, that fraudsters target vulnerable people with fake messages, HMRC says. Read more: Court resurrects £14bn Mastercard mega-claim [...]
DEBATE: Is it right for Shamima Begum to receive legal aid for her citizenship appeal? April 18, 2019 Is it right for Shamima Begum to receive legal aid for her citizenship appeal? John Oxley, a barrister at Vardags, says YES. When William Joyce was captured after six years of aiding the Nazis, he was hanged for treason. He was, however, first provided with lawyers and allowed to exhaust all avenues of appeal. At Nuremberg, [...]
Business lobby groups slam competition watchdog’s calls for radical audit reform April 18, 2019 Business lobby group the CBI said reforms to the audit sector proposed today by the competition watchdog could “undermine confidence in corporate Britain”. The Competition and Markets Authority (CMA) today called for the Big Four accountancy firm’s audit arms to be split from their non-audit arms with separate profit pool and management in a major [...]
Court brings £14bn Mastercard mega-claim back to life April 16, 2019 A £14bn class action against Mastercard has been revived after the Court of Appeal reversed an earlier decision to have the claim dismissed. Three judges found that the case, led by the former financial ombudsman Walter Merricks, could be reheard for certification in the Competition Appeal Tribunal (CAT), which ruled in 2017 that the claim [...]
Recruiter Hays’ share price slips after it lags fee expectations in trading update April 16, 2019 Shares in recruiter Hays dipped today after it announced lower-than-expected growth in its third quarter trading update. Read more: Profits grow at Robert Walters in a 'solid' first quarter Hays said net fee growth for the quarter was six per cent, below the consensus figure of seven per cent. The firm was hit by a [...]
Law firm Baker McKenzie confirms death of global chair Paul Rawlinson April 15, 2019 The global chair of Baker McKenzie has passed away, the law firm has confirmed. Read more: Over here: City's legal elite under pressure from expansion of US entrants Paul Rawlinson died unexpectedly on Friday, Baker McKenzie said. He had stepped back from his role temporarily last October due to exhaustion. “It is with great sadness that [...]