PwC ups pay for newly-qualified lawyers to £90,000 a year July 21, 2022 Big Four accounting firm PwC has upped pay for newly qualified (NQ) lawyers working in its fast-expanding UK legal business to heights of £90,000 a year. The salary hikes will see PwC match the salaries offered by top ranking law firms including London law firm Mischon de Reya, and put it ahead of major firms [...]
KPMG to rerun vote for head of UAE firm after partners raise governance concerns July 21, 2022 The head of KPMG’s business in the United Arab Emirates (UAE) has said the firm will rerun the election for his position, and bring in an external law firm to oversee the process, after partners attempted a coup aimed at ousting him from the firm. The election rerun comes after two senior partners at KPMG [...]
Government’s plans for Solvency II shakeup will force insurers to hold more capital on their books, sector warns July 21, 2022 Insurers have called on the UK government to reconsider their plans to shake up the Solvency II rules that govern the country’s insurance sector, after warning the current plans could backfire. The government’s current plans to reform the European Union’s Solvency II regulations could see life insurers forced to hold more capital than they are [...]
FCA and Andrew Bailey slammed for failing to protect pension savers who were ripped off by poor advisors July 21, 2022 The City watchdog and its former head Andrew Bailey, nowadays the Bank of England’s chief, have come under fire for letting down British Steel pension savers who were ripped off by poor advice from companies they thought they could trust. The Financial Conduct Authority (FCA) did not protect the members of the British Steel pension [...]
Moneysupermarket posts better-than-expected results due to surging demand for bank comparison services July 21, 2022 Price comparison website Moneysupermarket today said its first half performance was “ahead of expectations” after 19 per cent higher revenues saw its pre tax profits grow 20 per cent compared to last year. The website said its financial performance was boosted by returning demand from travel insurance comparison services and “exceptional” trading in its banking [...]
Legal market slump could force lawyers back into offices, Keystone Law chief says July 21, 2022 A slump in the market for legal services could see the UK’s top law firms put greater pressure on their lawyers to return to offices and see them begin to lay off newly hired staff, Keystone Law founder James Knight told Morning Wire The push could in turn benefit fully-remote law firms such as Keystone [...]
Holiday for part time staff should not be pro-rated, Supreme Court rules July 20, 2022 The UK’s Supreme Court today ruled that a visiting music teacher on a zero hours contract should be entitled to the same holiday benefits as her full-time colleagues. The landmark ruling is set to open the door to claims from hundreds of thousands of part-time and casual workers for the same holiday pay as their [...]
Global split could let EY bring in extra $10bn in Silicon Valley advisory fees, firm chief says July 20, 2022 A global split could let EY bring in an extra $10bn in advisory fees from the world’s major tech companies, by freeing it from rules that block the Big Four firm from both auditing and selling advice to Silicon Valley’s largest firms, EY’s global chief executive has said. EY’s plans to separate out its audit [...]
RPC posts record revenues after sales surge 10 per cent year on year July 20, 2022 Canada law firm RPC today posted record revenues of £149.4m across its global operations, after the firm’s sales jumped 10 per cent on the previous year. The commercial law firm’s record results mark a 36 per cent increase in RPC’s revenues since the financial year 2020 – on the back of surging demand [...]
Merciless verdict: Accounting watchdog FRC slams BDO and Mazars for ‘unacceptable’ audits July 20, 2022 Auditors BDO and Mazars have been called out for the “unacceptable” quality of their work by the accounting watchdog. The Financial Reporting Council (FRC) said there has been “some improvement” across the auditing sector amid heavy scrutiny following failings linked to the major collapses of firms such as Carillion. FRC chief executive Sir John Thompson [...]