Libor scandal: Two former Rabobank traders sentenced for offences related to manipulating Libor in the US March 11, 2016 Two former traders late last night were handed prison sentences in the US for offences related to Libor fixing. Anthony Allen, Rabobank's former global head of liquidity and finance, and Anthony Conti, a former senior trader on Rabobank's money markets desk, are the first people in the US to face trial and be charged for [...]
Tax experts caution government to “practice what it preaches” when it comes to small print, furthering calls for tax simplification March 9, 2016 Tax experts have today called on government to "practice what it preaches" and apply the same levels of simplicity they ask for from businesses to the tax code. Commenting on an open consultation from the Department for Business, Innovation and Skills (BIS) seeking the public's opinions on how terms and conditions could be made more [...]
Libor scandal: Tom Hayes application to appeal to the Supreme Court refused by Court of Appeal March 8, 2016 Tom Hayes, who was convicted for offences in relation to manipulating Libor last year, has today had his application to appeal to the Supreme Court refused by the Court of Appeal. Hayes, a former UBS and Citigroup trader, was convicted on eight counts of conspiracy to defraud at a trial at Southwark Crown Court last August, although [...]
Why Facebook’s recent decision to pay more tax shows how flawed the system of corporation tax really is March 7, 2016 How glad should we be that Facebook is now going to book sales through its UK subsidiary rather than its Irish one, increasing its tax liability? Probably not very. The next time we find out how much UK corporation tax Facebook paid, the odds that “fair tax” campaigners will be satisfied are about as long [...]
New Investigatory Powers Bill could cast out legal privilege if laws are not carefully scrutinised, barristers and solicitors warn March 3, 2016 The most recent iteration of the Investigatory Powers Bill may not protect a fundamental right of the legal profession as well as government hopes, legal experts have warned today. Speaking on behalf of the Bar Council, Peter Carter, chair of the Bar Council Surveillance and Privacy Working Group, scoffed at claims that legal privilege was now safely [...]
Law Society urges solicitors to adopt fairer recruitment practices, such as blind recruiting, in bid to promote social mobility and improve diversity in the legal profession February 26, 2016 Solicitors have been encouraged to revamp their recruitment practices in a bid to improve social mobility in the legal sector. The Law Society has today published guidance for firms on developing recruitment processes that are fair for applicants from all backgrounds. Suggestions include increasing awareness of unconscious bias, adopting blind recruitment for trainees and taking into account people's [...]
Red tape workers rejoice: Compliance salaries rose sharply during 2015, as employers also increased the number of lawyers on their payrolls February 25, 2016 Those working in compliance had reason to celebrate last year as salaries shot up for red tape focused roles, according to research out today. Morgan McKinley's 2016 UK Salary Guide has revealed that salaries in compliance roles shot up 20 per cent in 2015, while those in particularly niche positions saw their pay packets rocket by as [...]
MPs slam HM Revenue & Customs (HMRC) over Google £130m corporation tax settlement and call on the taxman to take the lead in reforming complicated international tax laws February 24, 2016 MPs have today condemned HM Revenue & Customs' (HMRC) recent deal with Google to pay £130m in unpaid corporation tax, and called on it to lead by example in reforming international tax laws. A report by the Public Accounts Committee (PAC) slammed the settlement for seeming "disproportionately small" compared to the size of the technology company's business [...]
Legal sector needs a single regulator and more control over who can call themselves a lawyer, warns Law Society chief executive February 15, 2016 The boss of the Law Society has today called for there to be a single regulator for the legal profession and more control over who can call themselves a lawyer. Writing in industry publication The Law Society Gazette, Catherine Dixon, chief executive of the Law Society, urged government not to pull legal regulators and their professional bodies [...]
How much does a lawyer cost? Top lawyers’ hourly rates are now so high that they’re restricting access to justice, as researchers slam the tradition of the billable hour February 5, 2016 Top corporate law firms have hiked their fees so high that it's now preventing access to justice. According to a report released today by the Centre for Policy Studies, an hour of a partner's time at a leading London law firm could land people with a bill for £1,000. The researchers blame a increase in [...]