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RSM Tenon cleared in unfair dismissal case

RSM Tenon has been cleared in a case of unfair dismissal brought by a former senior manager who accused the firm of false accounting, according to The Times.

Duncan Swift, who was director at the Southampton office, said Tenon dismissed him for blowing the whistle on poor practices in its recovery division. Swift allegedly recognised revenues on insolvency contracts which he claimed resulted in Tenon overstating its profits and misleading shareholders.

The Times reports Southampton Employment Tribunal found that Swift did not make protected disclosures under whistleblower laws and was dismissed fairly from the role. He was paid a salary of £230,000 until he was removed in April 2011.

A decision circulated by Tribunal chair Judge Twiss said: “It is clear beyond doubt that any alleged disclosures had nothing whatever to do with his dismissal.”

The reasons of cost-cutting and non-materialisation of an expected economic upturn were found to be legitimate by the tribunal.

Swift told The Times: “I am very surprised at the judgment. I felt very strongly that this was something that should be brought out into the open.”

Tenon chief executive Chris Merry said: “I am pleased we have won on all the issues raised.”

Tenon announced in February it was to cut 10 per cent of jobs as part of a restructure programme to boost profitability.


Laxey resolution defeated at Alliance Trust AGM

Almost fourth-fifths of Alliance Trust shareholders voted against a resolution to review the company’s management. At the annual general meeting of the £2.1 billion trust, shareholders were asked to vote on a resolution calling for the possibility of externalising the management of the portfolio and for shares to be sold at a price closer to […]

Sentance warns that inflationary pressure will force rise in rates

Former Bank of England monetary policy committee member Andrew Sentance believes that inflationary pressures may force the BoE to consider increasing interest rates in the near future. In a letter published by The Daily Telegraph this week, Sentance said that the committee has been relaxed over inflation, having held bank rate at 0.5 per cent […]


FSCS reveals huge adviser levies (plus risk of more)

The Financial Services Compensation Scheme has confirmed its levies for 2012/2013 which will see investment intermediaries contribute £78m and life and pensions intermediaries contribute £46m, with both sub-classes at risk of further additional costs. The FSCS has today set its 2012/13 levy at £265m, £44m more than its initial proposal, with the scheme warning that […]

Kestrel flies with global multi-asset

Boutique firm Kestrel Investment Partners has introduced a global multi-asset fund that will use a dynamic asset allocation tool that has been developed and fine-tuned for more than 20 years.

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]


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