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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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.
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.
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.
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.
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.
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.
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 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.