10 January 2024Publication
Round-up of 2023 AFRC disciplinary decisions
A round-up of the disciplinary decisions by the Hong Kong Accounting and Financial Reporting Council and what this means for the accounting industry.
We recognise the specific pressures faced by the professional services industry.
We act for a number of leading professional services firms, working as an extension of their in-house legal team on risk, regulatory and litigation issues.
Even though we’ve been involved in several high-profile professional services disputes, the majority of our work usually takes place behind the scenes – dealing with risk issues as they arise, steering ensuing investigations and proceedings towards a favourable outcome.
Where a contest is unavoidable, we commit all necessary resources towards achieving victory.
We’re particularly adept in co-coordinating and managing proceedings in multiple tribunals and/or across multiple jurisdictions, and our commitment to finding smart solutions has cemented us leaders in this field.
Our core services include:
- Advising on applications made in proceedings to which the client is
not a party; most notably, on applications for non-party disclosure
of the firm’s documents - Contentious regulatory including the conduct of disciplinary
proceedings, internal investigations and regulatory investigations - Defending professionals pursuant to the Pre-Action Protocol for
Professional Negligence and any ensuing litigation - eDiscovery and disclosure working with our in-house team of
eDiscovery specialists - Internal risk management procedures and guidance, on topics such as
the maintenance of privilege and document holds in anticipation of
litigation - Professional disciplinary matters, including Accountancy and
Actuarial Discipline Board and Financial Reporting Council enquiries
and investigations
Our experience
Grant Thornton
We successfully defended Grant Thornton against claims made by Vincent and Robert Tchenguiz and related parties, valued by the claimants at an excess of £2bn. The litigation was exceptionally hard-fought and complex, in terms of the number and the range of contested issues as well as in terms of the volume of material to be marshalled, reviewed and considered.
Former CFO of Autonomy
We acted on behalf of the former CFO of Autonomy in civil, regulatory and disciplinary proceedings and investigations (both the SFO and the FRC). The matter involves complex and wide-ranging questions of fact in relation to the alleged misrepresentations, as well as questions of UK accountancy practice, and is of high reputational and financial value.
Pension fund claim
We defended a global professional services company on a £50m claim by a pension fund relating to advice on an investment which, through our work at the pre-action stage in particular, was subsequently not pursued by the claimant.
Key contacts
If you have any questions, contact a member of the Professional Services Disputes team for assistance:
Related insights
10 May 2023 Publication
Barrister owed no duty of care to third parties
A barrister engaged by the promotors of a tax scheme owed no duty of care to third party investors in that scheme.
21 September 2021 Publication
Aggregation and the SRA Minimum Terms
The Court of Appeal held that a series of thefts by one solicitor were not sufficiently related to aggregate client claims.
23 June 2021 Publication
Professional negligence for advisers
The Supreme Court sets out a revised approach to assessing a negligent adviser’s responsibility for a claimant’s losses.
03 June 2021 Publication
Adams SIPPs from the cup of victory
Court of Appeal overturns High Court decision in Carey Pensions.