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KPMG, one of the Big Four, said it has already started work on some of the measures recommended by the competition watchdog and that there is scope to "further enhance transparency" in the sector. (AP)

Watchdog Calls For Laws To Shake Up UK Audit Sector

Britain’s antitrust watchdog urged lawmakers on Thursday to pen legislation that will force the country’s accounting giants to split their audit and consulting services and work with smaller auditors as it seeks to open up competition in the sector.

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Funder Of Asset Sale Suit Against Lender Told To Pay Costs

The firm that funded a property developer in a suit she lost against Dunbar Assets PLC and two former partners of restructuring firm BDO LLP has to pay £3.9 million ($5.1 million) to cover the legal costs of the proceedings, after a London judge dismissed its arguments for a cap.

Lavish London Apt. At Center Of 'Scurrilous' £1.5B Claim

Two prominent U.K. property developers, a Qatari sheikh and the company behind a ritzy London residential development are fighting a £1.5 billion ($1.95 billion) lawsuit over an allegedly thwarted penthouse sale.

Gov't Releases Guide To End Pension Gender Discrimination

The U.K. government published a road map on Thursday aimed at helping pensions trustees prevent unequal retirement payouts to women following a landmark decision against Lloyds Banking Group PLC last year.

Abraaj Group Founder To Seek Bail In US Extradition Battle

The chief executive of the collapsed Dubai private equity firm Abraaj Group appeared at a London court to seek bail after he was arrested in the U.K. last week on U.S. charges that he and the firm’s managing director defrauded investors, including the Bill & Melinda Gates Foundation.

Asset Manager Fends Off Bid To Add Claim In Property Fight

A judge in London blocked on Thursday an attempt by a businessman to ramp up his claim against a real estate investment company over allegedly overdue payments, ruling that his application to amend his case was filed too close to the start of trial.

FCA Says Complaints Dip As Insurance Claims Deadline Nears

Complaints from unhappy financial services customers have fallen for the first time in three years, the City watchdog said Thursday, as the number of Britons hurrying to claim they were missold controversial payment protection insurance before the August deadline finally begins to slow.

Allianz Says London Water Damage Suit Lacks Detail

A unit of Allianz SE has said in new court documents that a suit brought against it by the owner of a shared workspace and apartment development in London over alleged losses caused by water damage is unparticularized and lacks crucial detail to back up the claims being made.

European Lawmakers Pass Rules To Keep Banks From Failing

European Union lawmakers have given the green light to rules they say will strengthen how resilient the bloc’s banks are to financial risk in a bid to prevent failing lenders from resorting to bailouts that are funded by taxpayers.

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