KPMG faces £15m fine over Quindell audit November 10, 2021 Accounting giant KPMG could be confronted with a £15m legal claim from insurance outsourcer Quindell, according to reports. Quindell, now known as Watchstone, is preparing to file claims against the Big Four firm, alleging that it suffered losses of up to £15m from KPMG’s audit in 2013, according to Financial News, which first reported the [...]
Insurance body ABI names Nicky Morgan new chair amid management shake up November 10, 2021 Former MP Nicky Morgan has been appointed as the first independent chair of the Association of British Insurers (ABI), as the trade body overhauls its management. Two more senior appointments were today announced by the ABI, whose members include Aviva and Axa, as part of reforms by the organisation to improve consumer trust in the [...]
Former lord chief justice warns cautions for minor offences can have huge impact for life November 10, 2021 A former lord chief justice has warned of the long-term impact police cautions can have for even minor offences. Lord Thomas of Cwmgiedd called for Parliament to be given an opportunity to look at a code of practice or framework for how cautions could be used in future, as peers continued their line-by-line scrutiny of [...]
City law pay war: Akin Gump hikes trainee salaries close to £63k November 10, 2021 Akin Gump has upped salaries for trainee solicitors in London by almost 15 per cent according to reports, as the pay war for young lawyers heats up. The salary boosts by the US firm, which has offices in London, will take effect from the new year, according to Legal Cheek, which first reported the news. [...]
Brexit in the City: New powers for watchdogs FCA and PRA as UK moves away from EU rules November 10, 2021 The City’s main regulators, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), will be given new powers to set rules as the UK moves away from the EU framework after Brexit, according to Government proposals. Regulators will be required to consider how the UK’s financial sector can grow and compete internationally when setting [...]
All eyes on the UK Supreme Court today as it will rule on £2bn lawsuit by 4m Brits against Google November 10, 2021 Should a billion-pound legal action against Google over claims it secretly tracked millions of iPhone users’ internet activity be allowed to go ahead? The UK’s highest court will give its verdict at 9.45am today. Former Which? director Richard Lloyd, supported by the campaign group Google You Owe Us, wants to bring a “representative action” against [...]
EY partner keeps job after lewd comments to trainee November 9, 2021 An EY partner has escaped being stricken off, after telling a female trainee “I’ll be bashing you from behind this afternoon,” on a company skiing trip, according to reports. Neil Hutt was found to have behaved in an “obscene and aggressive” manner, by a disciplinary hearing into the 51-year-old’s behaviour at an annual company trip [...]
Lottery scammers impersonate Simmons & Simmons staff November 9, 2021 Fraudsters have used the name of Simmons & Simmons in a hoax to convince victims they have won the lottery, in the latest scam using City law firms. The scam phone calls from people purporting to be at Simmons & Simmons prompted the Solicitors Regulation Authority (SRA) to issue an alert last week warning members of [...]
UK audit reforms and governance to be watered down after business backlash November 9, 2021 The UK’s reform package to overhaul corporate governance and auditing will be “scaled back” following pushback by businesses, according to reports. Officials working on the plans, which are being finalised, are expected to water down some of the proposals, the Financial Times reported. The reform package, which has been touted as the biggest overhaul to [...]
Australian treasury accused of pressuring ex-KPMG partner to omit $10bn gap in report November 8, 2021 A former KPMG partner has claimed he lost his job after being pressured by an Australian public servant to change a document that found a $10bn gap in the Treasury’s finances, according to reports. In a parliamentary hearing today, Brendan Lyon said he received “professional, ongoing attacks,” from public servants and that the Australian treasury [...]