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The watchdog is proposing that the 350 biggest companies on the London Stock Exchange should be made to use two separate auditors, including one other than the Big Four. (AP)

Big Four Face Major Audit Shake-Up In Watchdog's Reforms

The U.K.’s antitrust enforcer proposed radical new laws on Tuesday to break auditing services away from consultancy work at the Big Four global accounting companies, in a drive to tackle "deep-seated problems" and concerns about conflicts of interest.

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MP Says Lloyds Bank Must Explain Role In HBOS Fraud

A Conservative Party lawmaker has called on Parliament to investigate how executives at Lloyds Banking Group PLC established a compensation scheme for victims of a massive fraud at HBOS PLC, claiming the scheme is a scam to prevent small businesses from being paid out. 

Trust Denies Owing £1M Over Failed Caribbean Resort

A Guernsey-based trust manager on Tuesday denied owing more than £1 million ($1.26 million) after investors lost money in a failed Caribbean resort, telling a London court that it held no duty of care to the savers.

UK Gov't Report Calls For Audit Watchdog To Be Scrapped

The accounting watchdog is a “hangover from a different era” and should be replaced with a new and more powerful independent statutory regulator, a U.K. government report published Tuesday recommends.

May Schedules New Vote On Brexit Deal For January

U.K. Prime Minister Theresa May said Monday she will ask Parliament to vote on her Brexit plan early next month, just days after European negotiators said they won't rework the withdrawal agreement amid widespread opposition from British lawmakers. 

EU Insurers Hold Sufficient Capital, Stress Tests Show

European insurers remain vulnerable to shock but generally hold sufficient capital to withstand severe economic hardship, stress-testing by a top regulator shows, shoring up confidence in the industry as Brexit draws near.

Top UK Court Tosses Ex-University Worker's Pensions Case

The U.K.’s highest court dismissed on Monday an appeal brought by a former university employee who claimed the way his pension scheme calculated his disability benefits amounted to unlawful discrimination.

NatWest Escapes Property Investor's £14M Misselling Suit

A judge at the High Court in London found in favor of NatWest on Monday in a suit brought by a U.K. investment company over whether the lender had misrepresented a hedging product that it sold to the property firm, allegedly causing £14 million ($17.6 million) in losses.

Ex-Retail Boss Fined £50K For Pension Data Failings

A court has ordered the former owner of retail chain BHS, which collapsed with a pension deficit of £570 million ($720 million), to pay more than £124,000 after he lost an appeal against a conviction for failing to hand over information to Britain’s pensions regulator.

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