Swiss law firm launches London office in bet on post-Brexit disputes spike September 4, 2018 Swiss dispute resolution law firm Lalive said today it is launching its first office in the City as it makes a bet on London becoming a more attractive arbitration centre post-Brexit. Marc Veit, a partner who is moving from the firm’s Zurich office to its new London base, said the City could be poised for [...]
Half a million UK SMEs fall victim to impersonation fraud September 4, 2018 Up to half a million small and mid-sized businesses (SMEs) are thought to have been preyed on by fraudsters posing as company bosses, data by Lloyds Bank has found. Impersonation fraud is when a fraudster is able to gather information on suppliers and business contacts to pose as a company chief to extract money. According to [...]
There’s nothing artificial about AI’s influence on the financial world August 31, 2018 Research by PwC estimates that global GDP will be 14 per cent higher in 2030 as a result of artificial intelligence (AI). That’s the equivalent of an additional $15.7 trillion, or more than the current output of China and India combined. If this is the case, how exactly will the City’s financial services sector change [...]
New PwC recruits to set their own hours under flexible working scheme August 30, 2018 Accounting giant PwC has scrapped the traditional nine-to-five week in favour of flexible hours for certain roles. Applicants to the Flexible Talent Network will be able to choose a working pattern that suits them in a bid to attract more diverse talent that may have previously dismissed the firm. Employees will be appointed to projects based on their skills and [...]
Hays delivers investors a summer surprise after dividend hike August 30, 2018 UK recruitment giant Hays put a smile on investors’ faces at the opening bell this morning, after hiking its full-year dividend by 18 per cent. Annual profits leapt to £243m in the first half of 2018, rising 15 per cent from the same period in the previous year. The FTSE 250 firm revealed a special dividend [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]
London legaltech startup Apperio scores $10m from Draper Esprit August 28, 2018 London-based legaltech startup Apperio has secured a $10m (£7.5m) series A funding round led by Revolut-backer Draper Esprit. The round was supported by existing investors Notion Capital, IQ Capital and various individuals. Apperio’s tech provides in-house legal teams with a platform to view their end-to-end legal spend, including factors such as billed hours and legal budgets. It's scored [...]
Deloitte boosts partner profits as revenue hits £3.58bn August 28, 2018 Audit giant Deloitte handed its partners an average of £832,000 for the year ended 31 May, a 0.6 per cent year-on-year increase, it said today. Deloitte grew revenue 5.9 per cent to £3.58bn, marking its eighth consecutive year of growth. Read more: Former Arsenal shareholder settles lawsuit with Deloitte and Linklaters Its audit and risk advisory business grew [...]
Business losses from employee corporate fraud double on last year to nearly £90m August 28, 2018 Businesses lost nearly £90m from fraud carried out by their own employees this financial year, double the figure for the year before, new data reveals. The Home Office defines corporate employee fraud as when an employee is able to obtain property or greater remuneration through the act of fraud, as well as the misuse of corporate cards and expenses. [...]
City law firm criticises HMRC’s use of informants to claw back receipts from tax evaders August 28, 2018 A city law firm has criticised HM Revenue and Customs (HMRC) for paying informants to provide details on possible tax evasion, saying there were "ethical risks" tied to the practice. RPC said the practice of paying informants opened up the risk of increased data theft as disgruntled employees with an axe to grind could be persuaded into [...]