Litigation funder Vannin Capital pulls London float blaming market conditions October 10, 2018 Litigation funder Vannin Capital has cancelled its London initial public offering (IPO) blaming market volatility. Vannin, which finances litigation for businesses and law firms in exchange for a slice of any settlement, announced its intention to float last month. Market sources said the projected float could have valued the business at up to £1bn. Read [...]
Supreme Court backs Northern Irish bakery in gay cake fight October 10, 2018 The UK Supreme Court ruled today that a Northern Irish bakery that refused to decorate a cake with a pro-gay marriage slogan acted lawfully. In 2014 the Ashers bakery refused to fulfil an order from the customer Gareth Lee who had asked for a cake to be decorated with the Sesame Street characters Bert and [...]
US professional services firm backs ‘engine for growth’ London as European launchpad October 9, 2018 EisnerAmper, a top-twenty US professional services firm, celebrated the launch of its London office tonight as it laid out “ambitious plans” for European growth. Its London offices, which will act a staging post for the firm’s continental expansion plans, will be led by Robert Mirsky, a former global head of hedge funds at Big Four [...]
Competition watchdog launches review of audit sector October 9, 2018 The competition watchdog today confirmed it has launched a probe into the UK's audit sector, ending weeks of speculation. The Competition and Markets Authority (CMA) said it will review whether the sector is competitive and resilient enough to maintain high standards. Calls to review the sector and possibly break up the "Big Four" of PwC, KPMG, Deloitte and EY [...]
Robert Tchenguiz accuses Grant Thornton of conspiracy over fraud office probe October 8, 2018 Lawyers for property mogul Robert Tchenguiz today accused audit firm Grant Thornton of conspiring to persuade the Serious Fraud Office (SFO) to launch an investigation into his business dealings with the Icelandic bank Kaupthing. The flamboyant millionaire was in a packed London courtroom to hear his Queen’s Counsel Stephen Rubin of Fountain Court accuse the [...]
Court gears up to hear Morrisons’ appeal against landmark data breach ruling October 8, 2018 Supermarket giant Morrisons will launch an appeal tomorrow against the High Court's decision to find it vicariously liable for a data breach that hit over 100,000 employees. In December last year the supermarket chain was found to be legally responsible for the breach, which was carried out by former employee Andrew Skelton. Skelton, a former senior [...]
Former top strategic adviser joins firm aiming to ‘open up’ emerging markets to British businesses October 8, 2018 Two former top strategic advisers have joined a newly-launched business intelligence firm, which will help British groups in “opening up” emerging markets to business. CTD Advisors, which launched in London last Monday, will offer advice to firms targeting countries such as India, Pakistan, Saudi Arabia, and Nigeria, using experts from a variety of fields. Read more: [...]
Five key takeaways from the FRC’s audit sector report October 8, 2018 The Financial Reporting Council (FRC), the audit sector’s watchdog, released its annual Developments in Audit report yesterday, outlining key challenges faced in the sector and assessing the current state of the profession. Audit is under close scrutiny at the moment, as politicians and regulators look closely at the dominance of the Big Four audit firms Deloitte, [...]
BDO reveals profit boost as it raises concerns over Brexit and audit break-up October 8, 2018 One of Britain’s largest professional services firms has warned that business leaders need clarity to prepare for Brexit and sounded a cautious note over reforms to the audit sector as it revealed rising profit and revenues. BDO posted an underlying revenue of £464.1m in its 2017/18 annual results, released today, an increase of 8.5 per [...]
High-profile failures have eroded trust in audit sector, says watchdog October 8, 2018 The UK’s audit watchdog has announced a new strategic plan to address “falling trust in business and the effectiveness of audit”, after a series of scandals in the sector. The Financial Reporting Council (FRC) released its ‘Developments in Audit’ report today, raising concerns over public trust in the profession, and constricted competition at the top [...]