VW owners are taking their emissions scandal claims to the High Court January 9, 2017 A law firm has applied for a group litigation order against Volkswagen on behalf of thousands of owners of cars manufactured by the company. Harcus Sinclair said it was planning to bring claims in the High Court on behalf of owners of VW, Seat, Audi and Skoda vehicles. While the company has been hit with [...]
KPMG and BDO among group of consultants set to publish New Year’s resolutions January 9, 2017 By this point in January, many are already lamenting their failed efforts to stick to their New Year's diet, hit the gym every morning or stay away from the sauce. Not to be deterred, City A.M. has learnt a group of well-known names in consultancy are set to publicly pledge their resolutions for the new year [...]
White collar crime crackdown expected in 2017, as UK prosecutors hone in on Bribery Act January 8, 2017 This year will see renewed efforts on clamping down on white collar crime, particularly as prosecutors chase convictions under the Bribery Act, experts have told City A.M. Prosecutions for bribery offences have been picking up pace ever since the Bribery Act 2010 came into force in 2011. Last year marked the first time a company was sentenced [...]
Why the taxman’s latest weapon against evasion might not hit its target January 8, 2017 The New Year has brought with it HM Revenue & Custom's (HMRC) latest weapon in the battle against tax evasion: civil penalties for the 'enablers' of offshore tax evasion. Under the new regime, accountants, bankers, lawyers and other advisers who take deliberate action to help others to engage in offshore tax evasion, will face civil [...]
There are good reasons to be optimistic about the City’s prospects post-Brexit January 6, 2017 The risk and uncertainty of Brexit has cast a shadow over parts of the City, with some worried that two of London’s great crowns – global litigation centre and global financial capital – will be threatened. But how much will London’s standing on the world stage change in these respects as a result of Brexit? [...]
The EU cracked the whip on cartels last year, while the US backed down January 5, 2017 Global fines for cartels rose to over $6bn (£4.9bn) last year, as a clampdown from the EU helped to push the figure higher, statistics out today show. Law firm Allen & Overy has calculated that fines for cartel involvement rose to $6.68bn worldwide in 2016, up 28 per cent compared with $5.2bn the year before, while the [...]
Law Society chief executive hands in resignation January 3, 2017 Law Society chief executive Catherine Dixon has resigned today, citing concerns over the speed of governance reform at the solicitors' professional body. Dixon has been in her role for two years and the Society will announce plans for recruiting a new chief exec in due course. Noting he was "extremely grateful" for Dixon's "tireless and effective [...]
Mind the gap: London lawyer salaries dwarf the regional earnings of their counterparts January 3, 2017 Newly qualified London lawyers earn nearly double what their non-London counterparts can expect to receive, according to figures released by a specialist legal recruiter. Outside of London the best paid commercial lawyers can be found in the north west of England, with a newly qualified legal eagle receiving an average of £39,000. But their equivalents inside the M25 [...]
L&G completes the sale of Cofunds’ investment platform to Aegon January 3, 2017 Life insurer Aegon has completed the acquisition of investment platform Cofunds from Legal and General. L&G and Aegon first announced a £140m deal in August last year, and have today confirmed completion of the transaction. It means Aegon becomes the UK's largest platform provider, with more than three million customers. L&G only bought the business in [...]
FCA fines plummet in 2016: Epidemic problems in wind down, say experts December 23, 2016 Fines levied by the UK's financial watchdog have fallen to their lowest level in nine years. The amount imposed by the Financial Conduct Authority (FCA) has fell by 97 per cent during 2016 – just £22m of penalties have been dished out, compared with £905m in the previous year. And according to City law firm [...]