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The Financial Conduct Authority (FCA) has launched a "global week of action" to combat illegal promotions by rogue finfluencers, collaborating with enforcement agencies in Canada, Hong Kong and Italy. The initiative has led to three arrests and additional criminal proceedings against individuals promoting unauthorised financial schemes. The FCA has also issued 50 warning alerts, which "will result in over 650 take-down requests on social media platforms." Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”

 

Daily Mail

The Independent UK

The Times

Google's Threat Intelligence Group has warned that a hacking group has been impersonating IT personnel to break into companies’ Salesforce tools, using the access for data theft and extortion. The hackers use voice calls to trick employees into visiting a purported Salesforce connected app setup page and unwittingly install a modified version of Salesforce's Data Loader tool. Technical infrastructure linked to the campaign shares characteristics with suspected ties to the loosely organised ecosystem known as “The Com,” known for small, disparate groups engaging in cybercriminal and sometimes violent activity. A Salesforce spokesperson said “there’s no indication the issue described stems from any vulnerability inherent in our platform.” The spokesperson said the voice calls used to trick employees “are targeted social engineering scams designed to exploit gaps in individual users’ cybersecurity awareness and best practices.”

 

Bloomberg

Reuters

Microsoft is offering to boost European governments' cybersecurity for free. The tech giant said its cybersecurity programme, launched on Wednesday, will bolster governments' defences against cyber threats, including those enhanced by artificial intelligence. "If we can bring more to Europe of what we have developed in the United States, that will strengthen cybersecurity protection for more European institutions," Microsoft President Brad Smith told Reuters, adding "Our goal needs to be to keep AI advancing as a defensive tool faster than it advances as an offensive weapon." 

 

Reuters

The government is poised to implement significant reforms to the pensions system. The proposed Pension Schemes Bill aims to enhance pension wealth and investment, with a focus on six key areas, including a reserve power for regulators to force some defined contribution workplace schemes to back more British assets and a mechanism for merging smaller pension pots. Liz Kendall, Work and Pensions Secretary, said the reforms are designed to "secure better value for savers' pensions and drive long-term investment in British businesses." The bill also seeks to improve transparency in pension scheme performance and address the issue of dormant small pots. Nausicaa Delfas, chief executive of The Pensions Regulator, described the bill as a "once in a generation" opportunity to enhance the UK pension system.

 

Financial Times

City AM

Fintech firm Wise has announced plans to dual list, with a primary listing in New York and a secondary listing in London. Co-founder Kristo Käärmann said that although policy makers in the UK were moving in the right direction, more time would be needed for reforms to improve the London market. The move has raised concerns among City brokers, with Charles Hall from Peel Hunt saying: "Losing Wise, which was founded in London, scaled in London and floated in London, is a hammer blow for the UK. Wise has rejected being a leading tech company in the FTSE 100 in favour of being a small company in the US."

 

The Times

The Guardian

Man Group, the world’s largest listed hedge fund manager, has ordered its London-based quants to temporarily return to the office five days a week amid a period of poor performance. 

 

Financial Times

The Financial Conduct Authority (FCA) has committed to ensuring that any redress scheme for the motor finance industry maintains market stability. The FCA stressed that the integrity of the motor finance market is essential for future consumers. A Supreme Court ruling this summer will determine if banks unlawfully paid commissions to car dealers without customer consent. Should the ruling be unfavourable for lenders, the FCA plans to implement a redress scheme within six weeks, but said it must not jeopardise businesses or reduce competition. The FCA warned: “This could reduce competition and could make it more expensive for consumers to borrow money to buy a car in the future.” Analysts at RBC estimate that total provisions for the motor finance scandal could exceed £30bn.

 

Financial Times

City AM

Daily Mail

Procter and Gamble is set to reduce its workforce by 7,000 jobs over the next two years, representing 6% of the company's total staff, in response to declining consumer sentiment and tariff uncertainties. The cuts will predominantly affect non-manufacturing roles. The Ohio-based company, which employs 108,000 people globally, is also considering selling off certain brands and exiting specific markets. P&G's chief executive, Jon Moeller, highlighting the potential for price increases due to tariffs, said: "This is not a new approach, rather an intentional acceleration of the current strategy . . . to win in the increasingly challenging environment in which we compete."

 

The Times

Rob Lucas, the head of CVC Capital Partners, has forecast increased consolidation within the private equity sector as firms grapple with returning cash to investors. Speaking at the SuperReturn International conference in Berlin, he noted that "realisations" are becoming "more challenging" and are "the acid test of the performance of our businesses." Lucas said limited partners are "always looking to reduce and to consolidate their relationships" during turbulent times. The current market instability, exacerbated by rising borrowing costs and previous overvaluations during the 2020-2021 boom, has hindered buyout firms' ability to exit investments and deliver returns to their backers.

 

The Times

Over 500 jobs are at risk in Italy after automaker Stellantis switched its oil supplier from Selenia, a local brand owned by Malaysia's Petronas, to France's Total, the Ulim trade union has said. The loss of Selenia's "historic" supply contract with Stellantis after 112 years of production has compromised job security for 450 workers in Fiat's hometown of Turin and 70 in Naples, according to the union. Reuters notes that Stellantis is Italy's only major automaker.

 

Reuters

Shares of Lynas Rare Earths surged nearly 12% to A$9.2 on Thursday - their highest since February 2023 - as escalating geopolitical tensions and China’s rare-earth export restrictions raise alarms among global automakers. As the leading non-Chinese producer, Lynas is seen as a strategic hedge amid tightening supply conditions. China, which controls 90% of global rare-earth output, imposed new export controls in April in response to US tariffs. This has disrupted critical mineral flows, prompting German automakers and suppliers, including Mercedes-Benz and CLEPA, to warn of halted production lines and growing risks to local economies. Companies are now exploring stockpiling to safeguard against shortages.

 

Reuters

London-based investment fund Asset Value Investors (AVI) has urged German medical packaging maker Gerresheimer to restore its market value by implementing new financial leadership. AVI, which holds a 3.5% stake in Gerresheimer, said in an open letter that the company should establish a capital allocation committee and exit its moulded glass business. Gerresheimer's shares have plummeted by 31% this year, and the company recently cut its revenue and profit margin guidance for 2025 due to weak demand in the cosmetics sector. Christian Reindl, portfolio manager at Union Investment, which holds a 0.9% stake, echoed AVI's call for new leadership and a sale of the moulded glass business, saying: "The management has repeatedly published profit warnings and shown that they do not have their business under control."

 

Reuters

This week's London International Disputes Week has brought together thousands of commercial lawyers from more than 100 jurisdictions for events designed to showcase the UK capital’s role as the forum of choice for international dispute resolution. The main conference event was addressed by justice minister Sarah Sackman KC MP, who said: "I’m proud to speak at London International Disputes Week, to highlight the UK’s world-class legal expertise on the global stage. Our legal sector is a huge part of our economy, and our firms are at the cutting edge – taking advantage of new technologies so the UK can maintain its pole position in the legal world. As markets rapidly change, innovative dispute resolution not only settles disagreements but drives economic growth and transforms industries, which are vital in our fast-evolving world."

 

Law Society Gazette

The Financial Ombudsman Service (FOS) is set to cut the interest firms have to pay on compensation pay outs. Currently, firms must pay interest of 8% on compensation awards. However, the FOS is launching a consultation to review the amount of interest firms pay, with it suggested that the rate could change to the Bank of England base rate plus 1%. At the current base rate, this would see firms pay 5.25%. The move comes after the Financial Conduct Authority sought views on how to update the dispute resolution system, with the Ombudsman saying feedback suggests the proposed interest rate "could be better aligned with, and reflect, market conditions." James Dipple-Johnstone, interim chief ombudsman at the FOS, said: "We think reform of the dispute resolution system is crucial to make it fit for the future." It is noted that the FOS has been experiencing increased demand, resolving over 200,000 complaints last year.

 

Daily Mail

Lord Hodge, deputy president of the Supreme Court, has warned of a "real danger" to Britain's international reputation due to ongoing court backlogs. He argues that these issues "weaken our sell of the UK as a successful rule of law society." Lord Reed, president of the Supreme Court, highlighted that the high costs associated with accessing the courts create barriers, particularly in family law. The backlog in crown court cases has reached a record high of 74,651, with projections suggesting it could hit 100,000 by 2029. A review led by Sir Brian Leveson is underway to recommend reforms to the court system this spring.

 

The Standard

Daily Mail

Research by the Institute of Directors (IoD) has found that 72% of UK business leaders believe the government's workers' rights overhaul will hinder economic growth and lead to fewer hires. The poll indicates that over half of respondents foresee a "strong negative impact" on the economy. Concerns centre on changes to statutory sick pay and new rights for employees from day one, which could result in increased costs and legal challenges for businesses. Alex Hall-Chen, the IoD's principal policy advisor for employment, said that the bill is "significantly damaging business hiring intentions and confidence in the UK economy." The survey also found that nearly half of firms plan to reduce hiring, with a third considering outsourcing jobs abroad. Over half of directors indicated they would invest more in automation to enhance productivity.

 

City AM

Four men have been sentenced to a total of 29 years in prison for their involvement in a £6m NHS contract fraud. Gavin Brown and Adam Sharoudi, directors of Oricom Ltd, exploited their connections with NHS employees Gavin Cox and Alan Hush to secure lucrative telecoms contracts from 2010 to 2017. The court found that Hush and Cox provided "commercially sensitive information" in exchange for £88,000 in cash, gifts, and holidays. Lord Arthurson described the men as "self-serving, arrogant and mendacious," saying they had "subverted public trust in NHS management."

 

BBC News

London Evening Standard