EY has ringfenced 188m for regulatory fines and legal claims in the UK, the highest amount disclosed by a ‘Big Four’ accounting firm.
This figure is almost seven times the average amount that EY has set aside for legal claims annually since the firm began reporting the figures in 2002, the Financial Times reported on Thursday (26 March), and exceeds the 179m set aside by rival Big Four firm KPMG in 2022.
This unprecedented funding for legal claims prompted us to ask commentators how HR can prepare for increased litigation.
Claire Brook, employment law partner at law firm Aaron & Partners, advised HR professionals to identify focus areas and check appropriate insurances.
Brook told HR magazine: “Employment tribunal claims have increased significantly and are expected to rise further in light of the reduction in the length of service protection for unfair dismissal (to six months) and the removal of the compensation cap from January 2027, in addition to the new third-party harassment liability faced by employers who have not taken all reasonable steps to prevent such claims.”
Read more: Five ways to prepare for legal changes in April and beyond
Gerry Brown, chair of the private equity firm Novaquest Capital Management, told HR magazine: “Having a budget to pay out from is one thing, and all well and good, but actually having a demonstrable, verifiable and systematic governance practice within the board (supported and driven by HR) internally is a much more...
BAKU, Azerbaijan, May 20. The United States is using the UN Security Council to spread false information about Iran and its peaceful nuclear program, the Permanent Mission of Iran to the UN said i...