Brexit uncertainty fails to hamper progress at Smith & Williamson January 30, 2017 Mid-tier beancounters Smith & Williamson said it had delivered a strong performance despite the economic uncertainty created by the Brexit vote, revealing double-digit revenue growth over the period that straddled the referendum. Operating income grew by 10 per cent to £117.5m, while operating profit was over a fifth higher (22 per cent) at £17.7m over the six [...]
Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal January 29, 2017 Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days. City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases [...]
Government loses Supreme Court Article 50 case January 25, 2017 The Supreme Court has dismissed the government's appeal in its long-awaited judgment in the Article 50 case later this morning. The court voted by a majority of eight to three to dismiss the case, meaning MPs must be given a vote before the Brexit process can begin. However, it also said it had unanimously decided [...]
Property legal Q&A: What legal issues should I consider before I let a leasehold flat in a mansion block? January 23, 2017 Question: I own a leasehold flat in a mansion block and am considering letting it on a daily/weekly basis. What legal issues should I consider before doing so? Answer: The success of Airbnb and similar providers of short room/property rentals has increased significantly over the past few years, but there are several factors to consider [...]
Financial Conduct Authority fines to increase in 2017 as new rules take effect January 23, 2017 Unusually low level of fines handed down by City watchdogs in 2016 will not be repeated this year, with new rules and a broadening of remits likely to mean more penalties are on the cards in 2017. Fines issued by the Financial Conduct Authority (FCA) fell by 97 per cent in 2016 compared with the year [...]
Red tape warriors to the rescue: London’s top compliance staff to save City’s status post-Brexit January 22, 2017 Banking experts have identified an unexpected reason why big banks could keep major operations in London following Brexit – the capital's high numbers of top quality compliance staff. Bosses at HSBC and UBS said last week they could move thousands of staff out of London due to Brexit, triggering worries the UK could lose its [...]
What you need to be on the look out for in the Article 50 judgment on Tuesday January 22, 2017 The Supreme Court is due to deliver its long-awaited decision in the Article 50 case on Tuesday. If you plan on following along with the legal eagles, here is what you need to know. Remind me – what is this case all about? The case centres on whether the government can trigger Article 50 without first getting approval [...]
Nick Leeson’s lawyer called in by Rolls-Royce ex-boss as fraud squad widens its net January 22, 2017 The ex-boss of Rolls-Royce has called in the lawyer who defended rogue trader Nick Leeson as the fraud squad’s probe into his former company hones in on individuals. Sir John Rose, who was chief executive of the engine maker from 1996 to 2011, has appointed Stephen Pollard, a white collar crime expert at London law [...]
We’ll see you in court: New senior manager rules could mean fewer bumper fines for City watchdog and more days in court January 19, 2017 New rules to hold top bosses accountable for wrongdoings on their watch may have weakened the City watchdog's negotiating stance if it tries to swoop in for bumper settlements. Speaking at the Practising Law Institute's annual seminar, Mark Steward, director of enforcement and market oversight at the Financial Conduct Authority (FCA), revealed the Senior Managers' Regime (SMR) [...]
Warning signs for legal eagles: One in three law firms in serious financial danger January 19, 2017 One in three law firms is currently in financial hot water, according to figures seen by City A.M. A search by Opus Restructuring of a database from Company Watch identified just over 6,000 UK law firms with enough numbers to crunch. Of those, 2,056, or 34 per cent, were performing so poorly financially that they could be at [...]