Trump says he could demote US Fed chair Powell but has not threatened to do so June 23, 2019 US President Donald Trump said he has the power to demote US Federal Reserve chair Jerome Powell, but has not threatened to do so. “I didn’t ever threaten to demote him,” Trump said in an NBC interview broadcast yesterday. “I’d be able to do that if I wanted to, but I haven’t suggested that.” Trump [...]
Treasury Committee chair Nicky Morgan blasts FCA over consumer access to financial services June 21, 2019 Treasury committee chair Nicky Morgan criticised the Financial Conduct Authority (FCA) today for “lacking in desire” to improve consumer access to financial services. The Treasury Committee made a series of recommendations of how consumer access to financial services could be improved in a report published last month. These included a requirement that firms act in [...]
Slaughter and May boosts pay packet for newly qualified solicitors to £100,000 as Magic Circle pay war rages June 20, 2019 Slaughter and May today said it is increasing its pay package for newly qualified (NQ) solicitors to over £100,000. The City stalwart said basic salary for NQs was going up to £92,000 from £83,000. Factoring in a discretionary bonus, which last year was 8.2 per cent, NQ lawyers stand to receive over £100,000 a year [...]
Police arrest fifth man in London Capital & Finance probe June 20, 2019 Police yesterday arrested millionaire businessman Paul Careless in connection with the collapse of mini-bond investment firm London Capital & Finance (LCF). He is the fifth person arrested as part of a Serious Fraud Office (SFO) investigation into LCF’s failure. An SFO spokesperson said: “On 19 June 2019, search warrants were executed at several properties in [...]
London forex broker Argentex goes public in £120m float June 20, 2019 London foreign exchange broker Argentex pulled the trigger today on a listing that values it at £120m. Argentex assists businesses and high-net worth individuals with forex transactions related to their business needs, but does not engage in speculative trades for its clients or offer margin trading, spread betting or similar products. It has conditionally raised [...]
UK top 50 law firms vulnerable to no-deal Brexit, say accountants June 19, 2019 The UK’s top 50 law firms hold on average cash for just three week’s wages, leaving them vulnerable in the case of economic shocks. Analysis of the accounts of the top 50 law firms by accountancy firm Smith & Williamson and website Legal Week found the monthly payroll was on average £610m, but firms had [...]
Freshfields partner to face tribunal after sexual misconduct allegations June 19, 2019 The Solicitors Disciplinary Tribunal (SDT) has rejected an attempt by Freshfields Bruckhaus Deringer partner Ryan Beckwith to have a sexual misconduct case against him thrown out. A junior lawyer at the firm alleged Beckwith had sex with her after a work event when she was heavily intoxicated and her decision making was impaired. Beckwith will [...]
FCA to crack down on unacceptable defined benefit pension transfer advice June 19, 2019 The Financial Conduct Authority today warned that it is to crack down on poor advice around defined benefit pension transfers. The City watchdog said too much advice it has seen to date is “not of an acceptable standard”. The FCA said it was concerned that too many financial advisers are recommending that large numbers of [...]
Former DLA Piper senior partner Juan Picon dies June 19, 2019 Former DLA Piper senior partner Juan Picon has died aged 54, his current firm Latham & Watkins confirmed today. Picon joined US firm Latham & Watkins in 2017 where he was chair of the Madrid office and co-chair of the firm’s Latin America practice. His move to Latham shocked the legal market, coming just 18 [...]
Hong Kong’s richest man Li Ka-shing to pay tuition fees for class of Chinese students June 19, 2019 Hong Kong’s richest man Li Ka-shing has promised to pay tuition fees for a class of Chinese university students. His charitable foundation will fund Shantou University’s 2019 incoming class for up to five years. Li’s pledge will cost 100m Chinese yuan (£11.5m) a year. The 90-year old is worth $30.04bn (£23.8bn) according to Forbes. The [...]