Tag: United Kingdom

  • Solicitors’ sanctions to remain public for longer

    Applies to both firms and lawyers

    Regulatory decisions made against solicitors will now stay on a public register for longer under new rules.

    Whilst details of misconduct by solicitors and law firms previously remained on the Solicitors Regulation Authority’s (SRA) website for three years, this has now been extended up to five years for individuals and 10 for firms in cases of serious fines. Minor fines will remain visible for three and five years respectively.

    For those solicitors who receive a more serious suspension this information will remain published for 10 years, with strike-offs visible indefinitely.

    Whilst the plans were announced by the regulator in early 2023, the Legal Services Board (LSB), the regulator’s regulator, stated that the new rules would first require its approval. An application was subsequently made in September 2024, and has now been approved.

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    The new rules will result in around 20% of the 660 or so decisions the SRA ordinarily makes each year remaining online for longer. Only “very few decisions” will be online for less time, the regulator has said.

    The three year minimum for more minor misconduct is designed to reflect that “even low sanctions, such as rebukes and reprimands, are only issued where a serious breach has occurred”, it added. The LSB noted that the new approach will “more closely link the publication period with the severity of the sanction”.

    This amendment will not impact the regulatory decisions that have already been published.

    The post Solicitors’ sanctions to remain public for longer appeared first on Legal Cheek.

    Source: Legal Cheek

  • 10 Labour MPs rebel to back calls for Waspi compensation scheme

    Ten Labour MPs have backed a bill that would compel the government to establish a compensation scheme for women who lost out financially from the rise in the state pension age.

    The bill, put forward by Scottish National Party (SNP) Westminster leader Stephen Flynn, passed a vote in the House of Commons on Tuesday afternoon by 105 votes to zero.

    Last March, the Parliamentary and Health Service Ombudsman (PHSO) recommended compensation of £1000 to £2950 per person – a package with a potential total cost of £10.5 billion – after it was concluded that failures in the Department for Work and Pensions (DWP) meant pension age changes were not properly communicated.

    But on 17 December, work and pensions secretary Liz Kendall told the House of Commons that paying up to £10.5 billion in compensation to the Waspi women would not be a “fair or proportionate use” of taxpayers’ money.

    Flynn’s bill would require ministers to publish measures to address the findings of the PHSO report.

    The ten Labour MPs who backed the Women’s State Pension age (Ombudsman report and compensation scheme) bill were as follows: 

    • Jonathan Brash (Hartlepool)
    • Julia Buckley (Shrewsbury)
    • Neil Duncan-Jordan (Poole)
    • Chris Hinchliff (North East Hertfordshire)
    • Terry Jermy (South West Norfolk)
    • Brian Leishman (Alloa and Grangemouth)
    • Emma Lewell-Buck (South Shields)
    • Melanie Onn (Great Grimsby and Cleethorpes)
    • Jon Trickett (Normanton and Hemsworth)
    • Steve Witherden (Montgomeryshire and Glyndŵr)

    The vote will be seen as a symbolic show of support for the compensation proposal as private members’ bills introduced by MPs rarely become law.

    In the end, representatives from the SNP, Liberal Democrats, Democratic Unionist Party (DUP), Green Party, Reform UK and Plaid Cymru supported the legislation at its first reading. Two Conservative MPs, Sir Roger Gale and Sir John Hayes, also voted for the bill. 

    NEW: The SNP secure a symbolic victory as zero MPs vote against Stephen Flynn's bill calling for a Waspi compensation schemeThread below on the commons chicanery that led to this division

    — Josh Self (@josh-self.bsky.social) 2025-01-28T16:43:50.634Z

    Commenting on the commons vote and his bill’s progress, Flynn said: “After today’s vote, it’s clear that [Scottish Labour leader] Anas Sarwar and Labour MPs have broken their promises to WASPI women and shown they are incapable of standing up for Scotland.

    “Ahead of the UK election, Anas Sarwar promised he would stand up to Keir Starmer but instead he has proven to be spineless in his silence – rolling over and rubber-stamping every damaging decision from Downing Street, no matter the consequences for Scotland.

    “Since the election, Scottish Labour MPs have voted to strip the winter fuel allowance from 900,000 Scottish pensioners, pushed thousands of Scottish children into poverty with the two child benefit cap, and now they are backing plans to block compensation for WASPI women.

    “No one can credibly claim that is acting in Scotland’s interests – and it speaks volumes that Mr Sarwar lacks the authority to lead his own MPs, let alone Scotland.

    “Despite the failure of Labour MPs to vote for the WASPI compensation bill today, it has passed its first hurdle as a result of SNP and opposition party votes. Now the UK government must make time in the parliamentary schedule to ensure the bill can progress.

    “Women born in the 1950s have been repeatedly promised compensation – and it’s vital for justice and trust in politics that the Labour government now honours the promises made.”

    Liberal Democrat Treasury spokesperson Daisy Cooper MP said: “This government clearly cannot face up to the betrayal it inflicted on millions of wronged women. These women were judged to be the victims of a gross injustice but instead of righting this wrong, Conservative and Labour MPs decided to sit on their hands.

    “The Liberal Democrats will ensure that this fight does not end here. We will use everything in our power to make the Government see sense and reverse this callous decision.”

    Liz Saville Roberts MP, Plaid Cymru’s Westminster leader, said: “With one honourable exception, Welsh Labour MPs’ decision to abstain on this bill is disgraceful. These women have been let down time and again by Westminster, and for Labour MPs to sit on their hands when they had the chance to make amends is a betrayal of the promises their party has repeatedly made.

    “Welsh Labour figures, including the first minister and secretary of state for Wales, have previously called for compensation for WASPI women. Eluned Morgan and Jo Stevens both declared their solidarity with the campaign and promised action, but when push came to shove, their party failed to deliver.

    “Plaid Cymru stands firmly with WASPI women in their fight for justice. This issue transcends party politics – it’s about fairness and trust. If politicians continue to break their promises, they further erode public trust in Westminster. The women who lost out on their pensions deserve compensation, not more empty words.”

    Josh Self is Editor of Politics.co.uk, follow him on Bluesky here.

    Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest election news and analysis.

    Source: Politics

  • Trading temporarily suspended for listed legal business RBG

    ‘Uncertainty’ over future

    Listed legal business RBG Holdings has “temporarily suspended” its public trading amid worries about its solvency.

    RBG, the listed legal business that owns London law firms Rosenblatt and Memery Crystal, has dominated headlines in recent weeks following a public dispute with its founder and largest shareholder, Ian Rosenblatt. The company accused Rosenblatt of being “verbally abusive” towards a lender and breaching agreements with the group. In response, Rosenblatt denied the allegations, describing them as “substantially untrue and defamatory,” and further accused RBG of being insolvent.

    Since then Rosenblatt Law Ltd (RLL), a new firm purchased by Ian Rosenblatt, has entered into an exclusive negotiation period with RBG in order to purchase a law firm, Rosenblatt, that was owned by RBG.

    Now, however, the outfit has provided an update on its financial position and effort to “secure a solvent solution for the company”.

    The notice states that RBG has been in discussions with Ian Rosenblatt and another party to look for a potential transaction on a solvent basis. “The Board regrettably announces, however, that while discussions with RLL in relation to the “Rosenblatt” branded business are ongoing, all discussions with the other party in relation to a transaction on a solvent basis have ceased,” it states.

    It continues: “Having considered the Company’s financial position and the lack of progress regarding the various strategic options explored, it is the Board’s view that it is unlikely to be able to secure the funding that it requires in a timely manner to secure the Company’s future”, it continues, before adding that the Board is “now taking action to protect value in the business for the Company’s creditors and other stakeholders.”

    “In light of the uncertainty regarding the Group’s financial position” trading was suspended this morning having closed at 0.89p yesterday. The stock hit its all time high in 2021 at 160p, with the highest figure this year coming in at 13p.

    The notice states that “further announcements will be made in due course”, and comes after RBG announced an extension to its exclusivity period with Ian Rosenblatt late last week.

    The post Trading temporarily suspended for listed legal business RBG appeared first on Legal Cheek.

    Source: Legal Cheek

  • Waspi pressure points to recurring SNP-Labour dynamic

    The Scottish National Party (SNP) is looking to place Labour divisions in the spotlight this afternoon by forcing a vote on compensation for women who lost out financially from the rise in the state pension age.

    On 17 December, work and pensions secretary Liz Kendall told the House of Commons that paying up to £10.5 billion in compensation to the Waspi women would not be a “fair or proportionate use” of taxpayers’ money. The last government, she added, had not left “a single penny” aside for such measures.

    Labour, however, supported the Waspi (women against state pension inequality) cause in opposition. Keir Starmer, now the prime minister, once referred to the treatment of those 1950s-born individuals hit by major changes to the state pension age as a “huge injustice”. But while Kendall accepted there had been “maladministration” in the failure to properly notify women of the changes, she rejected the parliamentary ombudsman’s recommendation of compensation.

    The SNP reacted furiously at the time, and pledged to hold Labour to account. Crucially, several Labour MPs also expressed their consternation — both privately and publicly. Speaking in the commons late last year, Labour’s Brian Leishman said he was “appalled” by the decision.

    “Waspi women certainly do not need words of disappointment and hollow statements. What they need is justice”, he insisted.

    ***This content first appeared in Politics.co.uk’s Politics@Lunch newsletter, sign-up for free and never miss our daily briefing.***

    Responding to Kendall’s commons statement, several usually supportive Labour MPs asked the government for “reassurances”; and at least two (Gareth Snell and Melanie Onn) called on the government to “reconsider” the decision in the future, when the fiscal position improves. Others asked for a narrower compensation scheme than that recommended by the ombudsmen. Kendall could offer no solace.

    And lo, SNP Westminster leader Stephen Flynn is set to introduce a 10-minute rule bill that would require the government to publish proposals for a compensation scheme. According to reports overnight, he even hopes to force a vote — putting maximum pressure on conflicted Labour MPs. (That said, the House only divides on a 10-minute rule bill at first reading if an MP delivers a speech, in response, objecting to the proposed legislation. Some chicanery could therefore be necessary on Flynn’s part).

    Significantly, Flynn’s bill comes just weeks after the Scottish parliament voted to demand the UK government provides Waspi compensation. In the vote, every single party backed the Scottish government motion — including all SNP, Conservative, Labour, Green and Lib Dem MSPs.

    And so the SNP’s Westminster outriders are now piling pressure on Scottish Labour MPs to vote the same way as their Holyrood counterparts. Leishman, the Labour MP for Alloa and Grangemouth, has already said he will be backing the bill. “I’ll be voting for justice for the Waspi women. We stood in solidarity with the women while in opposition and we should do the same in government”, he told LabourList.

    This episode is another manifestation of the prevailing SNP-Labour dynamic this parliament. The SNP’s Westminster sect, reduced to a lowly 9 last July (from 48 in 2019), is challenging Labour on progressive issues at every turn — in a bid to drive a wedge between the UK government and the party’s Scottish MPs.

    ***This content first appeared in Politics.co.uk’s Politics@Lunch newsletter, sign-up for free and never miss our daily briefing.***

    In this vein, the SNP has already expressed strident objections to the government’s decision not to scrap the two-child benefit cap and, separately, its winter fuel allowance cut. Seven left-wing Labour MPs were suspended from the party after voting for an SNP amendment on the former issue in July. On the latter, Scottish Labour leader Anas Sarwar vowed last year to expand the winter fuel payment if he is elected first minister following the May 2026 Holyrood election.

    Unfortunately for Sarwar, the UK government’s woes at present mean this eventuality is looking less and less likely. One poll published earlier this month shows the SNP is on course to return 53 MSPs in the 2026 Holyrood election, compared to 24 for Scottish Labour. (24 is only two more than Labour won in the 2021 election, which was its worst-ever Holyrood result). The finding, polling guru Sir John Curtice said, reflects “voters’ disappointment” with the UK government’s performance.

    So far this parliament, the SNP has found significant success in, (1), exposing nascent ideological tensions within the Labour Party; and, (2), capitalising on progressive disaffection with the UK government electorally — according to opinion polling.

    On the general election campaign trail last year, Keir Starmer would often insist that the road to a Labour government “runs” through Scotland. Today, the prime minister — though it receives less treatment than other frontlines — is losing ground across his progressive, tartan flank.

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    UK must ‘speed up, not slow down’ in drive to net zero, insists Ed Miliband

    Lunchtime soundbite

    ‘What an absolutely outrageous set of remarks!’

    —  Robert Jenrick, the shadow justice secretary, is accused of making an “absolutely outrageous set of remarks” after he questioned who in government is the “obstacle” to easing a backlog in courts.

    Jenrick said: “Who is the obstacle to resolving this? Is it the justice secretary  [Shabana Mahmood], who is content for rape trials to be scheduled as far off as 2027? Or is it the chancellor [Rachel Reeves], and the justice secretary has just had rings run around her by the Treasury?”

    Mahmood responded: “What an absolutely outrageous set of remarks, completely forgetting that only six months ago it was his government that was in charge and it was a government that he was part of that all but ran our justice system into the ground.”

    Now try this…

    ‘Reform is eyeing up a “seismic moment” in Lincolnshire elections’
    PoliticsHome reports.

    ‘Rachel Reeves tells MPs the “immense prize” of boosting growth ahead of major speech’
    Via the Mirror.

    ‘Why doubts are growing over Kemi Badenoch’
    The Conservative leader too often displays confidence without homework, writes the NS’ Rachel Cunliffe. (Paywall)

    On this day in 2022:

    No 10 has still not received Sue Gray report, says minister

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    Source: Politics

  • Cambridge, Oxford, and UCL secure top 10 spots in global law school rankings

    Stanford takes top spot

    The latest university rankings for law place three US universities in the top spots, while Cambridge beats its rival Oxford outside of the top three.

    California’s Stanford University claimed the top spot in this year’s rankings, compiled by Times Higher Education.

    The highest ranking UK universities in the law school power list are Cambridge and Oxford which came fourth and seventh place respectively — a drop for Cambridge from the top three in 2024.

    The SQE Hub: Your ultimate resource for all things SQE

    UCL closely follows the Oxbridge duo, securing 10th place — though this is a significant drop from 2022, when the London university outranked Harvard, taking sixth place in law.

    Top 10 law schools 2025:

    Ranking Law school Overall THE score (out of 100)
    1 Stanford 85.8
    2 Harvard 84.8
    3 NYU 84.5
    4 Cambridge 83.7
    5 Columbia 83.6
    6 Berkeley 82.8
    7 Oxford 82.7
    8 Chicago 81.0
    9 Yale 80.7
    10 UCL 80.3

    Further down the law school pecking order, LSE (13th) beats Edinburgh (16th).

    Top 11-20 law schools 2025:

    Ranking Law school Overall THE score (out of 100)
    11 Melbourne 80.0
    12 Singapore 79.3
    13 LSE 79.2
    14 Peking 78.7
    15 KU Leuven 78.3
    16 Edinburgh 77.8
    17 Georgetown 76.7
    18 Ann Arbor 75.6
    19 Tsinghua 75.4
    20 Amsterdam 74.7

    Other notable UK law schools to feature in this year’s list include King’s College London (27th), Glasgow (44th), Queen Mary University of London (46th), Durham (55th), and the University of Surrey (56th).

    The rankings, available in full here, are determined by factors such as teaching, research, international outlook, and industry income.

    The post Cambridge, Oxford, and UCL secure top 10 spots in global law school rankings appeared first on Legal Cheek.

    Source: Legal Cheek

  • Deirdre Costigan: ‘Deposit return scheme will put pounds in your pocket — and help tackle climate change’

    In July 2024, I became Ealing Southall’s first Irish born and bred Member of Parliament. So, while I’ve lived in London for more years than I care to remember, I still never like to pass up a good opportunity to point out where Ireland does something better than the UK.

    Kerrygold Butter? Unbeatable. The craic? Brits are fun, but the Irish own the concept of fun. Complaints about the weather? Maybe we’ll call that a draw.

    But Ireland is also ahead when it comes to keeping streets clean and carbon emissions down. That’s why Labour is pressing ahead with a Deposit Return Scheme (or DRS) like in Ireland.

    Since February last year, shops across Ireland have been fitted with brand new reverse vending machines. There’s one in the shop up the road from my mum’s house in Dublin.

    When you buy a drink in a can or a plastic bottle, you pay 15p or 20p extra. Then when you’ve finished with the drink, you bring it back to any shop or collection centre with a reverse vending machine. You feed your bottles and cans into the machine and then out pops a voucher for your money back.

    Yes, not everyone thinks of cans and plastic bottles when asked about the Government’s agenda. But it’s a simple way to increase recycling and keep the streets clean. Why litter when you get paid to recycle?

    It’s a common sense environmental policy that tackles the scourge of littered drinks containers, protects our beaches, wildlife and green spaces, reduces the burden on local authorities, and restores pride in local communities.

    And making our day-to-day rubbish part of the economy brings results.

    Already in Ireland they’ve found there’s been a significant reduction in street litter and they’re on track to reach a collection rate of 77% this year and 90% by 2029.

    Charities have benefitted too, with tens of thousands raised for charity from those who don’t need their money back.

    And by keeping materials in circulation, we reduce the need for energy-intensive production processes. Recycling aluminium cans saves up to 95% of the energy required to produce a new one, cutting emissions at every stage of the supply chain. Pounds back in people’s pockets and a boost for the environment. No wonder the Tories couldn’t deliver it.

    They first promised it back in 2017, but it’s taken Keir Starmer to get the job done. Legislation has been agreed to target single-use drinks containers made of plastic, aluminium, and steel, with sizes ranging from 150 millilitres to 3 litres, with new scannable returns codes on their labels. Consumers will pay a refundable deposit which they can claim back when the containers are returned to designated return points. It aims to see 70% (rising to 90% in 2030) returned.

    With this new legislation the government is setting up an organisation to run and manage the scheme, including setting deposit levels. By October 2027 shops across England, Scotland and Northern Ireland will have in-store reverse vending machines where space allows, while glass will be included in new packaging rules that will make the polluter pay for recycling, instead of hard-pressed local councils.

    These rules, called Extended Producer Responsibility (EPR), will see a small levy on packaged products from October this year. This will drive down litter and pay for the clean-up in the process. The throw-away culture is finally coming to an end.

    Labour gets that. It’s why our returns scheme isn’t just about recycling. It’s about reshaping our relationship with rubbish. With these changes the UK is poised to launch its own rubbish revolution, with cleaner streets, parks and beaches while putting money back in your pocket.

    Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest news and analysis.

    Source: Politics

  • Host of US law firms launch Trump trackers

    Follows frantic flurry of executive orders

    Several top US law firms, including Akin and Gibson Dunn, have developed tools to help clients track executive orders issued by the newly elected President, Donald Trump.

    Since his inauguration, Trump has been busy introducing a raft of new executive orders in his first few days in the White House. Dubbed a “historic start” to “kick off the golden age of America” by White House officials, the new President has signed hundreds of orders in his first 100 hours in office.

    These orders so far include withdrawing from the World Health Organisation (WHO) and the Paris Agreement, the recognition of only two genders across the United States, and renaming the Gulf of Mexico the “Gulf of America”.

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    To keep clients abreast of the latest orders coming from the White House, law firms across the US have been introducing tools which track the latest developments.

    US player Gibson Dunn notes on their tracker page that “the flurry of executive orders” coming from the White House during Trump’s opening days “is difficult to follow”. The page ((see screenshot below) is designed to “assist” clients with “digesting” each order as it’s announced.

    A screenshot of Gibson Dunn’s executive order tracker

    Akin is another notable firm to join the tracker trend, introducing a dedicated page on its website. Other firms to follow suit include Littler, Brownstein and Sheppard Mullin.

    The post Host of US law firms launch Trump trackers appeared first on Legal Cheek.

    Source: Legal Cheek

  • Two-tier policing claim is ‘right-wing extremist narrative’, leaked Home Office report says

    Accusations of two-tier policing reflect a “right-wing extremist narrative”, according to a leaked Home Office review.

    Civil servants reportedly found the claim, promulgated by several high-profile UK politicians and tech billionaire Elon Musk, as among a series of “damaging extremist beliefs”.

    Home secretary Yvette Cooper said in August she had directed the Home Office to conduct a “rapid analytical sprint on extremism” to map and monitor trends and inform the government’s strategy. 

    Cooper said the review, commissioned after last summer’s riots, would “map and monitor extremist trends” and “understand the evidence about what works” to “underpin a new strategic approach to countering extremism from government”.

    The review has not yet been published, but leaked sections have been seen by the Policy Exchange think tank, which is critical of its findings. 

    The think tank said the review lists “behaviours and activity of concern” and “damaging extremist beliefs” including misogyny, violence against women and girls and having a “fixation on gore and violence without adherence to an extremist ideology”.

    Those findings came alongside the suggestion that claims of “two-tier” policing are an example of a “right-wing extremist narrative”. In recent months, Reform UK leader Nigel Farage and shadow justice secretary Robert Jenrick have been among the most prominent politicians to have called for an end to so-called “two-tier policing”.

    However, BBC News reports that Cooper disagrees with some of the central findings of the Home Office report — which broadly recommends that the UK’s approach to extremism should be based on concerning behaviours and activity rather than ideologies.

    A Home Office spokesperson said: “The counter extremism sprint sought to comprehensively assess the challenge facing our country and lay the foundations for a new approach to tackling extremism — so we can stop people being drawn towards hateful ideologies.

    “This includes tackling Islamism and extreme right-wing ideologies, which are the most prominent today.

    “The findings from the sprint have not been formally agreed by ministers and we are considering a wide range of potential next steps arising from that work.”

    According to Policy Exchange, the report also recommends reversing a code of practice to limit the number of “non-crime hate incidents” being recorded and floats the idea of creating a new crime of making “harmful communications” online.

    Former journalist and government advisor Paul Stott and Andrew Gilligan, now of Policy Exchange, said: “This new approach risks swamping already stretched counter-extremism interveners and counter-terror police with tens, if not hundreds, of thousands of new cases, making it more likely that dangerous people will be missed.

    “Some of the definitions of extremism also threaten free speech, defining aspects of normal and legitimate political debate as extremist.”

    Chris Philp, the shadow home secretary, has also reacted critically. He argued that the leaked report is “smearing as ‘far right’ those who raise concerns about young girls being gang raped”.

    Philp said: “By extending the definition of extremism so widely, the government risks losing focus on ideologically motivated terrorists who pose the most risk to life.

    “In fact, the Shawcross Review of Prevent made clear that counter-extremism and the counterterrorism strategy should be more focused on terrorist ideology, not less.

    “Prevent must be equipped to deal with the terrorist threats in our society, and we should not be dialling back efforts to confront this.

    “We cannot overlook the fact that Islamist terrorism is responsible for 94% of terrorist-caused deaths in the last 25 years.

    “The government may want to ignore this, but they have an over-riding duty to protect the public.

    “Other appalling and unacceptable criminal behaviour that is not ideologically motivated – of which there are many kinds – should be dealt with via the police and criminal justice system, and via other agencies such as social services and mental health services, including sectioning those that present a risk.”

    Josh Self is Editor of Politics.co.uk, follow him on Bluesky here.

    Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest news and analysis.

    Source: Politics

  • Suits fans get a glimpse of new spinoff series

    Premiering 23 February

    Almost five years after the original show concluded Suits will be returning to our screens next month, this time based in L.A.

    The new mini-series, Suits: L.A., will follow Ted Black, played by Stephen Amell, a former New York federal prosecutor turned lawyer to the rich and famous. The first trailer for the show has been released, promising viewers delicious scenes of over-sized egos and corporate backstabbing set against a backdrop of swish offices, private jets and lavish business dinners.

    This series has traded the Big Apple for the City of Angels, with the trailer telling viewers ‘Welcome to the West Coast’ as Black can be heard saying, “It’s different out here. People lie. They cheat. They do whatever they can to win.”

    Legal Cheek reported back in November that Gabriel Macht will be returning to set to reprise his role as Harvey Specter, ruthless corporate attorney and firm fan favourite. The trailer teases this reappearance, showing Specter in an old photograph, before Troy Winbush’s Kevin says of Spector, “I never liked him, he’s the only person I knew cockier than you”, to which Black responds “That’s exactly why I liked him.”

     The 2025 Legal Cheek Firms Most List

    The post Suits fans get a glimpse of new spinoff series appeared first on Legal Cheek.

    Source: Legal Cheek

  • Lord Bellingham: ‘Cryptocurrency has become a new frontier for scammers’

    Fraud is as old as commerce itself, but the rise of cryptocurrency has opened a new and rapidly evolving front in the battle against scams.

    For those of you unfamiliar with cryptocurrency, I am looking at many of my parliamentary colleagues here, its potential is as exciting as it is revolutionary. In short, it introduces a new way of transferring value. It is also crucially decentralised, meaning it operates without a central authority like a bank, allowing for peer-to-peer transfers with increased transparency and security.

    It’s not a case of if but a case of when we see this disrupting the traditional financial system, particularly with the return of a certain president Trump to the White House, reversing a previously hostile environment for the crypto community in the US. You need only to take a look at the price of Bitcoin to get a sense of how the community is feeling – bullish.

    But we don’t need to look across the Atlantic to find evidence of the shifting sands. Closer to home, recent figures from the FCA show that 12% or 7 million citizens hold cryptocurrency and consumers are increasingly viewing it as part of ‘a wider investment portfolio’.

    In short, the horse has bolted and crypto is here to stay.

    Unfortunately, so is fraud. Where there’s money there’s scammers and cryptocurrency is now firmly in the crosshairs of bad actors who want your crypto cash. Unsurprisingly, as the market grows so does fraud – the market almost tripled in 2024 and stolen funds increased by approximately 21% to $2.2 billion, according to Chainalysis.

    This trend is matched by an increasing sophistication of cyber criminals. Cryptocurrency scams have evolved far beyond the days of simple phishing emails. Today’s scammers are using advanced techniques that make these scams harder to detect, including increasing use of AI to carry out highly personalised sextortion attacks. New methods are bearing fruit for scammers, as 2024 saw a 56% increase in the number of large loss cases, with thirty high value thefts over $1 million.

    These criminals operate from all corners of the globe, masking their VPNs to make it challenging to track them down and bring them to justice. Take North Korean hackers who are stealing more from crypto platforms than ever before, $1.34 billion in 2024, or 61% of the total amount stolen for the year.

    Concerningly, 1 in 5 Brits using cryptocurrency are also under the impression they will receive financial compensation if scammed by these bad actors. They will not. And let’s not forget that behind each scam is a victim, usually an ordinary person, lured in by sophisticated tactics, who is left scarred by the experience and facing financial ruin, stress and mistrust.

    But there is no need to throw the baby out with the bath water here. The bottom line is that new technologies, especially those born from the internet, often face security challenges in their earliest days. As adoption grows, industry participants learn from each incident and security improves.

    Fortunately, the market is responding with innovation of its own. Companies like M2 Recovery for example offers a lifeline with insurance that covers the costs of the burdensome track, trace and legal fees for victims to get their cryptocurrency back.

    Ultimately, there is no better replacement than not being scammed at all and knowledge will always be the best deterrence. The more informed you are, the harder it is for scammers to take advantage.

    As this revolutionary technology evolves those 7 million UK citizens must remain vigilant.

    Politics.co.uk is the UK’s leading digital-only political website. Subscribe to our daily newsletter for all the latest news and analysis.

    Source: Politics