Chancellor backs management consultants, as a quarter of industry gets ball rolling on Brexit plans November 29, 2016 Chancellor Philip Hammond has given his blessing to the country's management consultants, after a recent survey showed over a quarter were kicking off contingency plans for Brexit. In a letter from the chancellor to the Management Consultancies Association (MCA) and seen exclusively by City A.M., Hammond calls the industry a "vital part of the economy, [...]
Chairman of the Bar takes aim at Snooper’s Charter November 28, 2016 The chairman of the Bar has taken aim at the government's new surveillance legislation, which has also been branded the Snooper's Charter. In a lecture this evening, Chantal-Aimée Doerries QC will say that the Investigatory Powers Bill threatens to compromise the privacy of communications between legal advisers and their clients, also known as legal professional privilege. Read [...]
Sports Direct accounts probe announced by watchdog November 28, 2016 The accountancy watchdog has today launched an investigation into Sports Direct, probing into claims surrounding the relationship between the retailer and a firm run by chief exec and founder Mike Ashley's brother. In particular, the Financial Reporting Council (FRC) is taking a closer look at the accounts for the 52 weeks to 24 April and whether [...]
Wife of jailed Libor trader vows they will move on with their lives after his request for appeal is rejected November 27, 2016 The wife of an ex-Barclays trader jailed for Libor-rigging offences has promised they will move forward with their lives after his request to appeal was turned down. Alex Pabon, along with fellow former Barclays bankers Jay Merchant and Jonathan Mathew, was found guilty of conspiracy to defraud in July. City A.M. revealed in August the trio had applied to appeal their [...]
Compare the (annuity) market: Financial watchdog wants customers to be offered more choice November 25, 2016 The UK's financial watchdog will force annuity providers to tell customers to shop around after it found that 80 per cent of customers would get a better dealing by doing so. The Financial Conduct Authority (FCA) today revealed its own Black Friday push with plans for an "annuity comparator" to help people find out if there [...]
A gold-en choice for silver circle firm: Ashurst appoints TV expert to its board November 25, 2016 A City law firm has taken the unusual step of hiring its new chief operating officer from a TV company. Jan Gooze-Zijl, who currently serves on the board of UKTV – the owner of channels Dave and Gold – is to swap re-runs of Top Gear, Only Fools and Horses and Wheeler Dealers, for an executive role at [...]
Frosty relations: Iceland vs Iceland legal action has been filed November 24, 2016 Iceland, the country, has today confirmed it is taking legal action against Iceland, the supermarket. The Icelandic government, along with SA Business Iceland and Promote Iceland, has said it is taking the action so its own producers can use the word 'Iceland' when advertising their own food products. The country argues the retailer cold-heartedly pursued businesses [...]
Financial advisers rile at plans to shift offshore tax notification burden November 23, 2016 Financial advisers will have to tell UK authorities about clients' complex offshore tax structures, according to new government proposals. Today's Autumn Statement contained plans to consult "on a new legal requirement for intermediaries arranging complex structures for clients holding money offshore to notify HM Revenue & Customs (HMRC) of the structures and the related client lists". Read more: Brexit [...]
Ministry of Justice handed extra funds by Philip Hammond in Autumn Statement November 23, 2016 Philip Hammond has today agreed to give the Ministry of Justice emergency funding to help it tackle growing issues with prison safety. Although the chancellor revealed that spending for most departments would remain unchanged from last year's spending review, he made an exception for the justice department to deal with safety issues he described as "urgent". [...]
The European Commission unveils US-style protection for insolvent companies November 22, 2016 A radical cross-border shake-up of insolvency laws was today proposed by the European Commission. An EU draft directive was issued proposing to give companies more breathing space to sort out debts instead of being forced to cease trading. Similar to US-style Chapter 11 proceedings, companies would be shielded from creditors taking action against a company during a four month window. Such a shield [...]