Accountants can save the world (really) October 18, 2018 Last week, the UN Intergovernmental Panel on Climate Change (IPCC) released a landmark report due to be presented to governments at the Conference of the Parties in December this year. Its conclusions are stark – global carbon emissions must start to reduce well within 12 years if we are to prevent potentially catastrophic climate change [...]
Judge says property mogul Robert Tchenguiz should apologise to audit firm Grant Thornton after multi-million pound case dropped October 17, 2018 A judge today said property tycoon Robert Tchenguiz owed an apology to audit firm Grant Thornton after he dropped a multi-million pound claim against it on Monday. Mr Justice Robin Knowles said: “In the view of this court, each claimant including Mr Robert Tchenguiz, owes each defendant an apology for this litigation. The court cannot compel [...]
DEBATE: Will banning NDAs in harassment cases stop victims agreeing confidential deals with employers? October 16, 2018 Will banning NDAs in harassment cases stop victims agreeing confidential deals with employers? John Oxley, a barrister at Vardags, says YES. The prohibition of NDAs will stop companies from quietly hushing up the unpleasant and sometimes criminal behaviour of predatory employees. It may also, however, stop that behaviour from coming to light in the first [...]
City watchdog rolls out ombudsman service to small businesses October 16, 2018 Small businesses will be able to resolve disputes with banks through an independent adjudicator from next year, as the Financial Conduct Authority (FCA) confirmed the extension of its ombudsman service. Companies with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m, will be able to access the [...]
Has the clampdown on spreadbetting platforms really protected traders? October 16, 2018 For years, spreadbetting companies enjoyed an easy ride. But this summer saw trading platforms enter a tough new era, as regulators began to weigh down on the industry. Recent weeks have seen some of the UK’s largest trading platforms bowing under the pressure, as the impact of strict new rules becomes clear. Introduced by the European [...]
Robert Tchenguiz drops multi-million pound legal action against Grant Thornton October 15, 2018 Property mogul Robert Tchenguiz today dropped his multi-million pound claim against Grant Thornton in a move described by the accountancy firm as "total capitulation". The flamboyant millionaire was due to give evidence at court today in a trial in which he accused the accountancy firm, two of its partners and former Kaupthing lawyer Johannes Runar [...]
Sacha Romanovitch to stand down as Grant Thornton chief executive October 15, 2018 Professional services firm Grant Thornton has announced its chief executive, Sacha Romanovitch, will step down at the end of the year. The firm said following discussion with its board, Romanovitch had “decided not to stand for re-election for a second term and is to step down following the identification of a successor”. A successor will be [...]
Outrage-induced regulation will not fix the broken audit market October 12, 2018 The audit market is broken. Don’t take my word for it – ask Rachel Reeves, the Labour MP who chairs the BEIS select committee, or Liberal Democrat leader Vince Cable, or even the Conservative business secretary Greg Clark, who last month ordered an inquiry into competition in the sector. With such cross-party concerns, it should not [...]
Disclosure failings the ‘biggest single cause of miscarriages of justice’, says outgoing watchdog head October 11, 2018 The outgoing head of the body that investigates potential miscarriages of justice has said disclosure failings remain the "biggest single cause of miscarriages of justice" and called for a "targeted review" into existing convictions. In a farewell speech delivered last night, Richard Foster of the Criminal Cases Review Commission (CCRC) said that "too often" there [...]
Today’s wealth management industry is as deceitful as the tobacco companies of the past October 11, 2018 When medical suspicions of health impacts of cigarettes were first raised, the tobacco industry obfuscated and suppressed their own knowledge of smoking risks. In many ways, this mirrors what is happening in the wealth management industry today, as many companies suppress information about their fee structures, and often fail to warn consumers of the long-term damage these hidden fees [...]