Ditched auditor brought back to investigate Tesco Bank hack January 11, 2017 Tesco has turned to its former auditor, which it axed after more than 30 years in the wake of a profit blackhole, to investigate a cyber attack on its bank. PwC was brought in by Tesco Bank to investigate an attack in November which forced it to repay £2.5m to customers who had been targeted by [...]
Value of frauds reaches a five-year high, with London named as a crime hotspot January 11, 2017 The total value of frauds reported increased by just under a third last year to reach a five-year peak, with London remaining a criminal hotspot, figures released today show. BDO's FraudTrack, which keeps tabs on UK reported fraud cases with a value over £50,000, found total reported fraud in 2016 rose to £2bn, up 31.5 per cent [...]
Article 50 decision draws nearer as Supreme Court reopens tomorrow, with plenty of other interesting cases in the pipeline January 10, 2017 The Supreme Court decision on whether the government needs approval from parliament before it can trigger Article 50 draws closer, as the country's top court returns from recess tomorrow. All 11 Supreme Court justices gathered in December to hear the government's appeal of a November High Court decision, which determined the government could not start [...]
Robert Walters says it’s back to business as usual in 2017 after post-Brexit slowdown January 10, 2017 UK businesses are "bored" of Brexit and ready to get back to business as usual in 2017, according to the boss of one of the country's largest recruitment firms. Robert Walters, the chief executive of the eponymous recruitment giant, said while Brexit stymied hiring in the second half of 2016, British firms are now eager to grow [...]
VW owners are taking their emissions scandal claims to the High Court January 9, 2017 A law firm has applied for a group litigation order against Volkswagen on behalf of thousands of owners of cars manufactured by the company. Harcus Sinclair said it was planning to bring claims in the High Court on behalf of owners of VW, Seat, Audi and Skoda vehicles. While the company has been hit with [...]
KPMG and BDO among group of consultants set to publish New Year’s resolutions January 9, 2017 By this point in January, many are already lamenting their failed efforts to stick to their New Year's diet, hit the gym every morning or stay away from the sauce. Not to be deterred, Morning Wire has learnt a group of well-known names in consultancy are set to publicly pledge their resolutions for the new year [...]
White collar crime crackdown expected in 2017, as UK prosecutors hone in on Bribery Act January 8, 2017 This year will see renewed efforts on clamping down on white collar crime, particularly as prosecutors chase convictions under the Bribery Act, experts have told Morning Wire Prosecutions for bribery offences have been picking up pace ever since the Bribery Act 2010 came into force in 2011. Last year marked the first time a company was sentenced [...]
Why the taxman’s latest weapon against evasion might not hit its target January 8, 2017 The New Year has brought with it HM Revenue & Custom's (HMRC) latest weapon in the battle against tax evasion: civil penalties for the 'enablers' of offshore tax evasion. Under the new regime, accountants, bankers, lawyers and other advisers who take deliberate action to help others to engage in offshore tax evasion, will face civil [...]
There are good reasons to be optimistic about the City’s prospects post-Brexit January 6, 2017 The risk and uncertainty of Brexit has cast a shadow over parts of the City, with some worried that two of London’s great crowns – global litigation centre and global financial capital – will be threatened. But how much will London’s standing on the world stage change in these respects as a result of Brexit? [...]
The EU cracked the whip on cartels last year, while the US backed down January 5, 2017 Global fines for cartels rose to over $6bn (£4.9bn) last year, as a clampdown from the EU helped to push the figure higher, statistics out today show. Law firm Allen & Overy has calculated that fines for cartel involvement rose to $6.68bn worldwide in 2016, up 28 per cent compared with $5.2bn the year before, while the [...]