Deloitte fined a record £4m by accountancy watchdog over audit of Aero Inventory November 10, 2016 Deloitte has been fined a record £4m by the accountancy watchdog for misconduct in its audit of AIM listed Aero Inventory in the run up to its administration in 2009. In particular, the Financial Reporting Council (FRC) claims the accountancy giant, along with partner John Clennett, fell short of the standard expected when auditing the company in [...]
Flash crash trader pleads guilty in Chicago court to two of the 22 charges he faces November 9, 2016 The Hound of Hounslow, the trader allegedly at the centre of the 2010 flash crash, has pleaded guilty in a Chicago court to wire fraud and spoofing. Navinder Sarao hit the headlines after he was accused of crashing American stock markets by placing enormous orders via a trading platform based in his Hounslow bedroom. Read more: Trader [...]
Why the US Supreme Court could be in for a change from Trump November 9, 2016 Donald Trump's election could not only change the political landscape of the US, but the legal layout too. The country's Presidents are responsible for nominating new justices to Supreme Court whenever there happens to be a free slot going. Following the passing of Antonin Scalia in February, there's currently a seat that needs to be filled. The [...]
The government reveals Panama Papers taskforce has yielded criminal investigations and new leads November 8, 2016 A government taskforce launched in the wake of the Panama Papers leak earlier this year has "added greatly" to the understanding of offshore tax evasion structures, the chancellor Philip Hammond said today. The "Panama Papers Taskforce" was launched in April to analyse the information that had been released by the International Consortium of Investigative Journalists (ICIJ). The [...]
Article 50 rematch: Supreme Court hearing dates announced November 8, 2016 Government's appeal to the Supreme Court for the Article 50 case is officially on. The highest court in the country announced today it has set aside four days between 5 and 8 December to hear the appeal, although exactly how long the case will last will depend on what further legal submissions are received. All 11 of [...]
Brexit opening up a whole new world of work for lawyers November 8, 2016 June's vote for Brexit has shaken up the legal industry, including revealing lucrative pockets of work for lawyers, according to a report published today. The Natwest study highlighted how lawyers are becoming increasingly in demand as the "sheer complexity of the regulatory and legislative changes needed to support the UK's exit from the EU becomes clearer". However, [...]
Attorney general jumps to defend courts following Article 50 backlash November 7, 2016 Attorney general Jeremy Wright has stood up to defend the courts today, following attacks on the legal system after high court judges decided government must consult parliament before Article 50 can be triggered. Speaking at an event to launch the Law Society's pro bono charter and manual, Wright said that, while those involved in the case could [...]
British businesses say cuts to corporation tax are “not the be all and end all” November 7, 2016 British businesses do not want further corporation tax cuts for fear of alienating the general public. The consensus opinion across the UK's companies is that corporation tax is not a "defining feature of tax policy". This means that the benefits of a cut are outweighed by negative publicity attached to business’ role in the tax system, according to [...]
Real wages are on the wane and it’s only going to get worse, say accountants November 7, 2016 Sterling’s post-Brexit vote collapse is hitting Britons where it hurts the most. In the pocket. Inflation is outstripping wage growth as businesses are forced to pass on increased costs associated with sterling’s slump to consumers, according to a report prepared by accountants BDO. “Rapidly rising inflation is quickly going to hit the pockets of UK [...]
Convicted Libor traders hit back at fraud squad boss for “misleading” comments November 6, 2016 Two convicted Libor traders have launched fresh attacks against the head of the fraud squad for presenting "misleading" stories about their trials. The scathing criticism comes after David Green, director of the Serious Fraud Office (SFO), gave evidence to the Justice Select Committee last month on, among other things, his agency's performance in the Libor [...]