“No proper justification” for challenge based on draft judgment – Litigation Futures

Posted January 14th, 2015 in accountants, causation, judgments, negligence, news, taxation by tracey

‘There was “no proper justification” for a claimant seeking to reopen an issue based on the circulation of a draft judgment, the High Court has ruled.’

Full story

Litigation Futures, 13th January 2015

Source: www.litigationfutures.com

Saved by the Cap: Third Party Costs Order – RPC Professional and Financial Risks Blog

Posted December 8th, 2014 in accountants, costs, damages, insurance, news, third parties by sally

‘On 30 June 2014 judgment was handed down by Mrs Justice Rose in Swynson Limited v Lowick Rose LLP (in liquidation) [2014] EWHC 2085 (Ch). Rose J held that the Defendant, a firm of accountants, were liable but found that they owed no duty of care to the individual investor who had provided finance for a management buy-out. She awarded damages up to the liability cap of £15million inclusive of interest and costs, on the basis that the liability cap set out in the engagement letter reflected the commercial agreement reached by the parties.’

Full story

RPC Professional and Financial Risks Blog, 4th December 2014

Source: www.rpc.co.uk

Pilot jailed for £30m mortgage fraud – BBC News

Posted October 15th, 2014 in accountants, conspiracy, fraud, mortgages, news, sentencing, solicitors by sally

‘A former Virgin Atlantic pilot has been jailed for 14 years for committing a £30m mortgage fraud in Berkshire.’

Full story

BBC News, 14th October 2014

Source: www.bbc.co.uk

Virgin pilot jailed for £30 million mortgage fraud – Daily Telegraph

Posted October 14th, 2014 in accountants, conspiracy, corruption, fraud, gambling, news, solicitors by sally

‘A former Virgin Atlantic pilot who blew a fortune on the gaming tables of Las Vegas has been jailed for 14-years after being convicted of orchestrating an audacious £30 million mortgage fraud.’

Full story

Daily Telegraph, 13th October 2014

Source: www.telegraph.co.uk

Tesco to be probed by Financial Conduct Authority – BBC News

Posted October 1st, 2014 in accountants, accounts, company directors, financial regulation, markets, news by tracey

‘Tesco says it has been notified by the Financial Conduct Authority (FCA) that it is under investigation following its admission last week that it overstated its half-year profit guidance by £250m.’

Full story

BBC News, 1st October 2014

Source: www.bbc.co.uk

Legal Ombudsman outlines test for dealing with complaints about MDPs – Legal Futures

‘The Legal Ombudsman (LeO) has introduced a policy for dealing with complaints about organisations which provide non-legal as well as legal services, such as some alternative business structures (ABSs) and, shortly, accountants who offer probate advice.’

Full story

Legal Futures, 19th September 2014

Source: www.legalfutures.co.uk

Accountant’s reports safe from public exposure after FoI ruling – Legal Futures

‘The Law Society’s freedom of information adjudicator has rejected a bid to open up public access to accountant’s reports submitted to the Solicitors Regulation Authority.’

Full story

Legal Futures, 20th August 2014

Source: www.legalfutures.co.uk

Bookkeeper jailed for stealing £2m to buy property empire – Daily Telegraph

Posted July 9th, 2014 in abuse of position of trust, accountants, fraud, news, sentencing by sally

‘Mirriam Clark is jailed after building up a property empire in England and Zambia and sending her children to private school with stolen money.’

Full story

Daily Telegraph, 7th July 2014

Source: www.telegraph.co.uk

Professionals who do legal work for gangsters face prosecution under new offence – The Independent

‘Crooked accountants, lawyers and other professionals who profit from crime but are beyond the reach of the law will be targeted under measures to be announced in tomorrow’s Queen’s Speech.’

Full story

The Independent, 3rd June 2014

Source: www.independent.co.uk

New crackdown on corrupt lawyers who help criminals – BBC News

‘Lawyers, couriers and accountants could be jailed if they turn a blind eye to criminal activity they profit from, under Home Office plans.’

Full story

BBC News, 3rd June 2014

Source: www.bbc.co.uk

Corporate failure and its implications for professionals advising before insolvency – 11 Stone Buildings

Posted December 12th, 2013 in accountants, insolvency, negligence, news, professional conduct, solicitors by sally

‘Professional negligence cases frequently deal with claims that arise after an insolvency occurs. During a recent 11 SB insolvency seminar, Lexa Hilliard QC focused on problems that can arise for accountants and solicitors prior to a company entering into a formal insolvency process. This is an area that has attracted little attention but it can be full of pitfalls that we professionals ignore at our peril. In
this ‘Insider’ she summarises herthoughts on what is becoming a very topical issue.’

Full story

11 Stone Buildings, December 2013

Source: www.11sb.com

Deloitte fined £14m for conflict of interest over MG Rover – The Guardian

Posted September 9th, 2013 in accountants, conflict of interest, fines, news by tracey

“Deloitte, one of the UK’s largest accountancy firms, has been fined a record-breaking £14m for a conflict of interest that occurred when it advised MG Rover Group and the Phoenix Four directors who bought the British carmaker before it collapsed.”

Full story

The Guardian, 9th September 2013

Source: www.guardian.co.uk

Competition Commission urges shakeup of accountancy market – The Guardian

Posted July 22nd, 2013 in accountants, auditors, competition, news by sally

“Britain’s largest companies should put their accounting business up for tender every five years, the Competition Commission has said, as part of an investigation into the dominance of the big four accountancy groups.”

Full story

The Guardian, 22nd July 2013

Source: www.guardian.co.uk

“Fair play in action”: Court of Appeal considers the rules of natural justice – UK Human Rights Blog

Posted June 5th, 2013 in accountants, appeals, judicial review, news, professional conduct, tribunals by sally

“The concept of fairness embodied in the different strands of natural justice have to be seen as flexible and as not requiring the courts to lay down over rigid rules, so that where it had been agreed that a tribunal member could be temporarily absent for part of the hearing, there had been no breach of the rules of natural justice.”

Full story

UK Human Rights Blog, 5th June 2013

Source: www.ukhumanrightsblog.com

Crown Prosecution accountant faces jail after £1m taxi fraud – Daily Telegraph

Posted March 15th, 2013 in accountants, conspiracy, Crown Prosecution Service, expenses, fraud, news by tracey

“A Crown Prosecution Service accountant who fiddled £1 million of taxi fares has been warned that she faces a lengthy jail sentence after admitting fraud.”

Full story

Daily Telegraph, 15th March 2013

Source: www.telegraph.co.uk

Legal professional privilege and employment law – Hardwicke Chambers

Posted February 27th, 2013 in accountants, employment tribunals, legal profession, news, privilege by sally

“In R (on the application of Prudential Plc and another) v Special Commissioner of Income Tax and another [2013] UKSC 1 a majority of the Supreme Court held that legal advice privilege does not extend to protect legal advice given by professionals who are not lawyers and that it is for Parliament, not the courts, to decide whether and how the privilege should be extended.”

Full story

Hardwicke Chambers, 19th February 2013

Source: www.hardwicke.co.uk

Legal professional privilege fight goes on – Law Society’s Gazette

Posted January 28th, 2013 in accountants, legal profession, news, privilege by sally

“The fight to defend legal professional privilege looks set to continue, despite last week’s landmark victory for the profession in the Supreme Court. Parliament was urged to consider extending the scope of LPP in the wake of the judgment by the 140,000-member Institute of Chartered Accountants in England and Wales.”

Full story

Law Society’s Gazette, 28th January 2013

Source: www.lawgazette.co.uk

Regina (Prudential plc and another) v Special Comr of Income Tax and another (Institute of Chartered Accountants and others intervening) – WLR Daily

Posted January 25th, 2013 in accountants, financial advice, law reports, legal profession, privilege, taxation by tracey

Regina (Prudential plc and another) v Special Comr of Income Tax and another (Institute of Chartered Accountants and others intervening): [2013] UKSC 1;   [2013] WLR (D)  20

“Legal advice privilege would not be extended to communications in connection with advice given by professional people other than members of the legal profession, even where that advice was legal advice which the professional person was qualified to give.”

WLR Daily, 23rd January 2013

Source: www.iclr.co.uk

Legal advice privilege should not extend to accountant’s advice, says Supreme Court – UK Human Rights Blog

Posted January 24th, 2013 in accountants, financial advice, news, privilege, Supreme Court by sally

“The Supreme Court has ruled that legal advice privilege should only apply to advice given by a member of the legal profession; that this is what the common law has always meant, and that any wider interpretation would lead to uncertainty. Two strong dissents do not find any principled underpinning for the restriction of the privilege to advice from solicitors or barristers.”

Full story

UK Human Rights Blog, 24th January 2013

Source: www.ukhumanrightsblog.com

Bar Council welcomes Supreme Court ruling on LLP – The Bar Council

Posted January 24th, 2013 in accountants, barristers, financial advice, news, privilege, Supreme Court by sally

“The Bar Council, which represents barristers in England and Wales, has welcomed the 5:2 majority ruling of the Supreme Court against extending legal professional privilege (LPP) to non-lawyers, following a case put forward by financial services group, Prudential, requesting that LPP be extended to protect advice given by accountants.”

Full story

The Bar Council, 23rd January 2013

Source: www.barcouncil.org.uk