Forex firm hit with record £7.8m fine by HMRC for anti-money laundering failures September 4, 2019 West London money transmitter Touma Foreign Exchange has been fined a record £7.8m by HMRC for breaching anti-money laundering regulations. The taxman said today it fined the Greenford-based firm “for breaching strict regulations, which could have left them at the mercy of criminals looking to wash dirty cash”. Read more: Serious Fraud Office prosecutes just [...]
Court throws out privacy challenge to facial recognition technology in landmark ruling September 4, 2019 The High Court today rejected a privacy challenge to the use of facial recognition technology in a landmark ruling. The High Court found that the use of automatic facial recognition technology (AFR) by South Wales police was lawful after a challenge by privacy campaigner Ed Bridges who was represented by advocacy group Liberty. AFR technology [...]
UK’s top law firms boost average partner pay to £750,000 September 3, 2019 Average partner profits at the UK’s top 50 law firms hit £750,000 last year as the sector continued to expand despite an uncertain economic and political backdrop. Nine firms posted average profit per equity partner (pep) of over £1m, according to new research published today by website Legal Week. Partners at Magic Circle firm Slaughter [...]
Allen & Overy’s US merger talks with O’Melveny & Myers collapse September 2, 2019 Magic Circle firm Allen & Overy’s longrunning merger talks with US firm O’Melveny & Myers have collapsed, the firm said today. In a statement, the firm said: “Allen & Overy and O’Melveny & Myers have held discussions about a possible combination and, despite agreeing that there were some compelling synergies between us and that it [...]
When business partners behave badly: How to rein in a shady coworker September 2, 2019 In the wake of the #MeToo movement, there has been a great deal of focus on how to tackle the toxic work culture that exists in some industries and businesses. Many companies have been pushing for cultural change, motivated by the desire to create inclusive work environments, and limit the reputational and financial damage that [...]
Auditor ranking race narrows as FTSE 100 firms spread out September 2, 2019 Prized FTSE 100 clients are now more evenly spread out among the Big Four accountancy giants than at any time in almost 15 years, with some of the UK’s top auditors losing out to their rivals after an intense year of scrutiny and high-profile failures. The blue-chip client league table for auditors has “never been [...]
Law firms moving away from traditional partnership model September 1, 2019 Law firms are moving away from the traditional partnership structure with 47 per cent now incorporated businesses, according to new research. Forty seven per cent (4,890) of the 10,400 law firms in the UK are now incorporated businesses, up from 32 per cent five years ago, according to analysis from accountancy firm Hazlewoods. The increase [...]
Watchstone accuses Slater and Gordon of using ‘illicit back channel’ during disputed Quindell deal August 29, 2019 Insurance outsourcer Watchstone struck back in its High Court scrap with Slater & Gordon today after it was granted permission to file a counter-claim against the personal injury law firm. Watchstone said it recently discovered an “illicit back channel” Slater and Gordon’s corporate finance adviser Greenhill & Co allegedly used to access confidential information about [...]
Baker Mckenzie boosts revenue and profit despite testing year August 29, 2019 Global legal giant Baker Mckenzie said today its revenue grew 1.2 per cent to $2.92bn (£2.39bn) in the last financial year. Baker Mckenzie has suffered a tough year with the shock death of global managing partner and former London chief Paul Rawlinson in April. Read more: Law firm Baker McKenzie confirms death of global chair [...]
Does Hargreaves Lansdown’s strategy cause too much money to pour into too few funds? August 28, 2019 Given that diversification is one of the most important principles of investing, we should question why the UK’s largest investment platform Hargreaves Lansdown doesn’t seem to be following this basic idea. This became apparent in the wake of the scandal around Britain’s most famous fund manager, as £1.6bn was funnelled into Neil Woodford’s still-suspended fund [...]