EY agrees record $100m settlement with US regulator over ethics exam cheating scandal June 28, 2022 EY has reached $100m (£82m) settlement with the US Securities and Exchanges Commission (SEC) over claims the Big Four firm’s auditors cheated on accounting exams and later misled the watchdog’s investigators. The US financial watchdog said in a statement that EY had agreed to pay the highest penalty ever imposed on an audit firm by [...]
Subprime lender Amigo Loans launches new loan product after learning from ‘mistakes of the past’ June 28, 2022 Payday lender Amigo Loans has said it has “learnt the lesson from the past” ahead of the launch of a new guarantor loan product for “underserved” customers. The Bournemouth firm is set to offer customers two new loan products after it was blocked from trading by the UK’s financial watchdog in March 2020. The new [...]
Russia defaults on international debts after being cut out of financial system by Western sanctions June 28, 2022 Russia yesterday defaulted on its international debts for the first time since the Bolshevik revolution after being unable to pay its creditors due to the impacts of Western sanctions. Ratings agency Moody’s yesterday said Russia’s failure to make payments on two Eurobonds worth $100m officially constitutes a default after its extended deadline to make the [...]
Credit Suisse becomes first Swiss bank to be convicted in Switzerland’s own courts June 27, 2022 Credit Suisse has become the first of Switzerland’s domestic banks to be convicted of a corporate crime in any of the country’s own courts, after a judge today found the Zurich financier guilty of failing to prevent laundering of Bulgarian drug money. A court in the southern Swiss city of Bellinzona fined the bank 2m [...]
Grant Thornton settles £200m lawsuit with Patisserie Valerie’s administrators June 27, 2022 Grant Thornton has settled a £200m lawsuit with Patisserie Valerie’s bankruptcy administrators over its role in the café chain’s collapse. The London headquartered accountancy giant has reached agreement to settle its case with Patisserie Valerie’s administrators out of court, according to the Sunday Telegraph who broke the news. In a statement sent to City A.M., [...]
UK’s audit watchdog says it ‘strongly supports’ global ESG reporting standards June 27, 2022 The UK’s audit watchdog has said it “strongly supports” the development of high-quality, global standards for reporting on climate and sustainability data. The UK’s Financial Reporting Council (FRC) said it backs plans put forward by the International Sustainability Standard Board’s (ISSB’s) for new worldwide ESG reporting rules. The comments come after the International Financial Reporting [...]
‘We are engulfed in a crisis of epic proportions,’ CBA chair Jo Sidhu tells Old Bailey picket June 27, 2022 Criminal barristers on Monday picketed outside of London’s Old Bailey court as part of a strike over legal aid fees. Hundreds of barristers, solicitors, and other supporters turned up at the picket line outside of the UK’s most famous court, in demanding a 25 per cent increase in legal aid fees. The strike comes as [...]
Graduates set to enter UK’s strongest job market in years as starting salaries soar June 27, 2022 Graduates are set to enter the strongest job market Britain has seen in years, on the back of surging graduate salaries and a major increase in the number of graduate jobs. Graduate salaries are up seven per cent compared to a year ago, while the number of graduate job vacancies is up 59 per cent [...]
Interest rate hikes could trigger chain of bankruptcies in shadow banks June 27, 2022 Interest rate hikes from central banks across the globe could trigger a chain of bankruptcies in the global “shadow banking” industry, the Bank for International Settlements (BIS) has warned. In an interview with The Times, Claudio Borio, head of the BIS’ monetary and economic department, said “shadow banks” – including hedge funds, pension funds, and [...]
Top QCs accuse Lord Chief Justice of seeking to ‘intimidate’ striking barristers June 27, 2022 Tens of top QCs have accused the head of the judiciary in England and Wales of seeking to “intimidate” barristers with warnings they could face disciplinary action if they take part in strikes. In an open letter in The Times, senior barristers hit out at the Lord Chief Justice after he issued guidance telling judges [...]
