The IRA claims responsibility for bombs targeting Heathrow and Waterloo March 12, 2019 Dissident republican group the IRA have claimed responsibility for letter bombs that were sent to London transport hubs and the University of Glasgow last week. The Metropolitan Police said today it was aware of the claim of responsibility for the devices that were received at Heathrow Airport, London City Airport, Waterloo Station and the University [...]
Financial Reporting Council to be scrapped in shake-up of audit sector March 11, 2019 The Financial Reporting Council (FRC) will be scrapped and replaced with a new beefed-up watchdog following a review into the audit sector by Sir John Kingman, the government announced today. The new regulator will have stronger statutory powers, including the ability to make direct changes to accounts and powers to require rapid explanations from companies [...]
Law firm DWF raises £95m in first-ever main market legal listing March 11, 2019 Law firm DWF has today raised £95m in the first main market float for a law firm, valuing the business at £366m. DWF is by far the largest of the handful of law firms to have listed on the stock market and is the first firm with a large international footprint to have gone public. [...]
Lord Falconer to chair litigation funder Therium’s £1m giveaway March 11, 2019 Former Lord Chancellor Lord Falconer is to chair a £1m giveaway by litigation funder Therium aimed at increasing access to justice in the UK. The funder has set aside £1m for the new initiative, dubbed Therium Access, with the first round of grants to be announced next month. Therium typically provides funds to those pursuing [...]
Former head of public prosecutions barred from dealing with CPS and SFO over conflict fears March 10, 2019 The UK’s former director of public prosecutions (DPP) has been barred from contact with agencies such as the Serious Fraud Offices for two years over conflict of interest fears. Alison Saunders, who stepped down as DPP last year to join law firm Linklaters, is not allowed to deal with the Crown Prosecution Services (CPS) or [...]
Magic Circle law firms launch gig economy-style offerings in uncertain legal market March 10, 2019 The UK’s leading law firms are betting on the gig economy to boost their growth with Linklaters and Clifford Chance joining Allen & Overy in setting up networks of self-employed lawyers to provide to clients on a flexible basis. Linklaters is understood to be developing a scheme to take advantage of its alumni network with [...]
HMRC launches first investigations using new corporate money laundering powers March 10, 2019 HM Revenue and Customs (HMRC) has launched its first criminal investigations under a new money laundering offence, freedom of information requests reveal. The tax authority is investigating a handful of cases under the corporate criminal offence of failure to prevent the facilitation of UK tax evasion which was introduced in the Criminal Finances Act 2017 [...]
New Deloitte legal boss says the Big Four firm can become a ‘significant player’ in the £26bn UK market March 10, 2019 The new head of Deloitte’s legal arm says he wants the Big Four firm to become a “significant player” in the UK’s £26bn legal market. Michael Castle, who joined Deloitte last month from Allen & Overy to lead its new UK legal venture, told City A.M. that the firm is poised to “transform the legal landscape”. [...]
BNY Mellon backtracks on home working crackdown after staff outcry March 7, 2019 US bank BNY Mellon has U-turned on a proposed crackdown on flexible working arrangements after an outcry from staff. The bank had launched a review of flexible working with staff expected to work from the office in most circumstances. Financial News first reported the story on Monday which triggered a backlash from staff and diversity campaigners. Read [...]
Home Office tightens golden visa rules after earlier failed crackdown March 7, 2019 The Home Office announced reforms to so-called golden visas for wealthy investors today, following an embarrassing debacle last year when it announced their suspension before being forced to backtrack days later. Under reforms to the Tier 1 (Investor) scheme, applicants will be required to prove they have control of the £2m they are required to [...]
