Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

“The DNA of entrepreneurs is made up of dozens of interlocking variables,” says HSBC in a Thursday report. If by variables the bank means A, C, G and T, that specific conclusion is unassailable.

What it doesn’t do, however, is fulfill HSBC’s stated goal of shining “a brighter light onto what makes a global entrepreneur so special”.

For that, its Global Private Banking division hired Ipsos UK to interview 1,800 wealthy business owners. These manhours were dedicated to uncovering “key findings” such as “entrepreneurs are very optimistic” even as they “also worry about the state of the world”. 

There is at least one actual surprise, however. The UK, despite all the doom and gloom, is still a “top-three global destination for wealthy business owners” next to Switzerland and the US. 

The UK, HSBC writes, is “as popular a destination as the US, France or Singapore for business owners contemplating a transfer of some or all of their personal wealth”.

In fact, almost 60 per cent of the UK entrepreneurs the bank interviewed are “optimistic” that their personal wealth “will grow in future” — more than anywhere else.

On first glance, this seems to be a rather shocking rebuke to the headlines about chancellor Rachel Reeves’ tax-raising, apparently entrepreneur–enraging Budget.

Alas, Ipsos finished conducting its quantitative fieldwork and its interviews three and five months before the Budget was released.

It’s possible that what really makes UK entrepreneurs special is their ability to complain to the press without actually changing their views. In that case, the UK may still have its spot near the top of the wealth-magnet rankings. Either way, we sympathise with Ipsos and HSBC. Timely reporting is hard.

The Man Behind the Confession: What Happened to Dr. Jerome Oziel, the Menendez Brothers’ Therapist?

In the annals of American crime, few cases have captivated the public as deeply as the Menendez murders. Lyle and Erik Menendez’s brutal killing of their parents, Jose and Kitty Menendez, shocked the nation and turned into one of the most highly publicized criminal trials of the early 1990s. Now, with Netflix’s latest release, Monsters: The Lyle and Erik Menendez Story, the chilling details of this family tragedy are once again under scrutiny. Beyond the brothers and their victims, there was another key figure who played a dramatic role in shaping the Menendez narrative: Dr. Jerome Oziel, Erik’s therapist. Oziel’s presence in the case, from the confessions to the courtroom, remains an essential—if controversial—part of this story. Here’s a closer look at Oziel’s relationship with the Menendez brothers, his impact on the case, and what has become of him today.

Jerome Oziel

The Confession: Did Erik Menendez Admit the Murder to Oziel?

Dr. Jerome Oziel’s association with the Menendez brothers began in 1988, when the family turned to him after Lyle and Erik were caught burglarizing homes in Calabasas, California. Jose and Kitty Menendez sought help for their troubled sons, hoping Oziel could address what they viewed as signs of delinquency. For a time, Erik saw Oziel as his therapist, confiding in him. But the relationship took a dark and pivotal turn after the murder of the Menendez parents in August 1989.

On Halloween of that year, Erik, who was clearly struggling with the weight of his actions, reached out to Oziel with an urgent request for a session. According to court records, they met at Oziel’s Bedford Drive office in Beverly Hills. The session extended beyond the confines of the office, spilling into the surrounding streets as they took a walk in a nearby park. There, Erik confessed to the murders, describing the planning, the execution, and the fabricated alibi he and his brother had constructed.

Oziel documented the confession meticulously, detailing how Erik recounted the crime and the reasons behind it. In dictated notes from this session, Oziel later described how Erik had revealed “in detail the planning and execution of the crime, including (the brothers’) fabricated alibi defense.” This confession would become central to the case against the brothers. Not long after, on November 2, both Lyle and Erik met with Oziel to discuss the motive behind the murder of their parents, diving into the psychological and emotional factors that led them to such a horrific act.

One critical decision Oziel made was to record a December 11 session with the brothers, creating an audio record of their discussions. This tape would prove both invaluable and controversial, and it became the subject of a prolonged legal dispute over its admissibility in court. Oziel’s recordings and notes would play a decisive role in the brothers’ prosecution, as well as in the public’s understanding of the gruesome crime.

The Tapes: How Oziel’s Recordings Influenced the Case

The recordings Oziel made of the Menendez brothers’ confessions became a flashpoint in the legal proceedings. In March 1990, a dramatic turn of events took place when Judalon Smyth, a former patient of Oziel and a woman with whom he was having an affair, approached the authorities and disclosed the existence of these tapes. This bombshell revelation led to the tapes being seized by law enforcement, and shortly thereafter, the Menendez brothers were arrested.

The legal battle that followed centered on whether the recordings were admissible in court, with the defense arguing that they were protected under therapist-patient confidentiality. The question reached the California Supreme Court, which ultimately ruled in August 1992 that two out of four tapes were indeed admissible. This decision was instrumental in the trial, providing evidence that supported the prosecution’s case and giving insight into the brothers’ motives and mindset at the time of the killings.

Oziel’s role in the trial was complicated and contentious. During the first trial, he testified as a key witness for the prosecution, describing Erik’s confession in vivid detail. However, Oziel’s credibility was subjected to a grueling cross-examination that focused largely on his personal life, including his affair with Smyth. This affair cast a shadow over his testimony, with the defense attempting to depict him as an unreliable and compromised witness whose own conduct undermined his professional ethics.

By the time of the second trial, Oziel’s direct involvement had waned—he did not testify. However, the tape recordings he had made were still played in court, cementing his influence in the case even in his absence. The recordings, along with the complex web of personal and professional conflicts that surrounded Oziel, left an indelible mark on the Menendez case, turning him into one of its most controversial figures.

Life After the Trial: Oziel’s Fall from Grace and New Beginnings

The fallout from the Menendez trial took a heavy toll on Dr. Oziel’s professional life. In 1997, the California Board of Psychology moved to revoke his license, citing several ethical violations, including breaches of patient confidentiality and allegations of inappropriate relationships with female patients. Oziel denied the accusations, maintaining that the revocation of his license was not related to any wrongdoing. In a statement given in 2017, he claimed, “I did not surrender my license due to the accusation, which implies I gave up my practice because I did things alleged in the original accusation. … No agency ever found I did a thing that was improper or wrong.”

Oziel suggested that his decision to step away from clinical psychology was motivated by a new career opportunity. He relocated to another state and focused on a business venture that he described as “highly lucrative,” eventually leaving behind the world of therapy in which he had once thrived. This shift marked a significant departure from his earlier life in Beverly Hills, where he had been a recognized figure in psychological circles, specializing in phobias and sex-related disorders, and had even taught at the University of Southern California.

Today, Oziel resides in Albuquerque, New Mexico, where he has reinvented himself as a marital mediator, going by the name Jerry Oziel. He now works at the Marital Mediation Center, where he applies his expertise in psychology to help couples resolve conflicts in their marriages without resorting to divorce. The center’s mission focuses on conflict resolution as an alternative to separation, offering couples a chance to repair their relationships through structured dialogue and mediation.

Despite his changed life and new career path, the shadow of the Menendez case continues to follow Oziel. The Netflix documentary on the Menendez brothers, released in October 2024, revisits his role in the case. Although he declined to participate in the documentary, his impact on the story remains undeniable. His involvement as the therapist who first heard Erik Menendez’s confession transformed him into a central—and polarizing—figure in the Menendez saga.

Where Is Dr. Jerome Oziel Now?

Though Dr. Jerome Oziel no longer holds a license to practice psychology, he has continued to leverage his background in human behavior. Now known as Jerry Oziel, he has focused on helping couples navigate marital issues. In Albuquerque, he lives a quieter life, removed from the high-profile cases that defined his earlier career.

Oziel’s academic journey began at Arizona State University, where he received his doctorate in clinical psychology in 1972. Following stints in South Carolina and eventually California, he established himself as a psychologist in Beverly Hills, becoming known for his work on phobias and sex-related disorders. His career was on a successful trajectory until the Menendez case thrust him into a maelstrom of media attention, ethical scrutiny, and ultimately, professional ruin.

The Menendez case remains one of the most haunting and complex trials in American criminal history, and Oziel’s role in it has ensured that his name remains intertwined with the story. As new audiences revisit the case, Oziel’s contributions—and controversies—continue to provoke questions about the limits of confidentiality, the ethics of therapy, and the personal toll of high-profile legal battles. In this way, Dr. Jerome Oziel remains a specter in the saga of the Menendez family, his influence etched into the legacy of a case that has gripped the American public for decades.

Getty Images

‘Bottom line’

AS soon as the Christmas advert season began, all eyes were on John Lewis to see what it had in store.

But it seems another retailer has stolen viewers’ hearts this year.

1

As the Christmas ads start rolling, most of us begin to start getting into the festive spirit – and we also tend to shed a tear or two.

John Lewis has become well-known for its emotional and heartwarming Christmas adverts.

But the real tear-jerker this year isn’t the usual suspect, with some people saying Tesco‘s three minute advert is far better than the John Lewis Campaign.

The ad follows a man called Gary who is trying to navigate Christmas while mourning the loss of his grandmother.

It touches on how the festive period can cause conflicting emotions for many people who are missing a loved one.

The soundtrack for the ad is Melancholy Hill by Gorillaz, and it opens with Gary visiting his grandfather, then pans to a flashback of him visiting his late nan.

He gets up to leave, and at the door his grandfather hands him a packet of Tesco gingerbread men.

Taking a bite of one of the biscuits, Gary’s world transforms into a magical Christmas landscape where sugary treats burst out of every corner.

But when he thinks about the absence of his grandmother, his festive dreamland begins to crumble.

So, Gary decides to rekindle a Christmas tradition he had with his grandmother by sitting with his grandfather and building a gingerbread house.

The pair are seen to “rebuild” their lives after the loss, as the ad finishes with the entire family sitting down and having Christmas dinner together.

The table spread features glimpses of Tesco’s festive range including a turkey and pigs in blankets.

Becky Brock, group customer director at Tesco, said: “We want our Christmas campaign to connect people with the joy of moments that help feed our Christmas spirit and showcase how Tesco can help you do just that.

“We appreciate that even if you love Christmas, there can be
little things that eat away at your Christmas spirit as well as things that help to feed it.”

People went crazy for the short film on social media, celebrating its ability to connect with viewers.

One person wrote on X: “The Tesco Christmas ad is AMAZING!”

Another person said: “I’ve just watched the Tesco Christmas ad and it’s completely correct and has got the tone right.”

While someone commented: “Tesco Christmas ad is all about the spirit of Christmas. Normal people, normal lives.”

A fourth warned: “Check it out, it’s the best I’ve seen so far – but I dare you not to shed a tear.”

The usual tear-jerker on the block, John Lewis, has faced much less praise this winter season.

Another X user wrote: “@JohnLewisRetail That was a bad Christmas ad, I’m sorry but Tesco wins it this year.”

John Lewis is famous for pulling on the heart strings at Christmas time, previously spending as much as £7 million on a single campaign.

It spent almost that much this time round, and is classed as the biggest advertising event of the year.

In its two minute long advert for 2024, named The Gifting Hour, the story line follows a woman’s urgent hunt for a gift for her sister.

For the first time in 17 years, the John Lewis store actually features in the mini-film.

The ad, created by Saatchi & Saatchi, follows the woman, named Sally, rushing around the John Lewis shop floor.

Then she is transported down memory lane, and she tries to navigate childhood memories and pick up clues on what to buy her sister.

When she finds the perfect gift she reenters reality and find its already wrapped.

She then heads outside and shares a special moment with her sister, followed by the strap line: “The secret to the perfect gift? Knowing where to look.”

John Lewis purposefully leaves the contents of the gift a mystery to emphasise sentiment over material value.

However the heart-warming message fell short, with one person posting on X: “That’s it, Christmas is ruined. The John Lewis ad is quite comfortably the worst one yet.”

Another said: “Very disappointed, I wanted the John Lewis Christmas ad to make me cry and give me a sense of family and home.

“I have loved all previous ads because what sets them apart is they never actually focused on shopping, this year you have.”

Some viewers weren’t impressed by the song choice for this year’s ad.

One person wrote on X: “Where’s the slow emotional cover we usually get?”

Despite usually using a cover version of a famous song for its adverts, the campaign opts for The Sonnet by The Verve sung by the original band members.

It serves as a nod to the 90s, which has had a major resurgence this year.

It has also been left open to the audience as John Lewis searches for a coverstar on TikTok – and legendary lead singer of the band Richard Ashcroft will help pick the new star.

The winner will record and release their own track with BMG and a version of the advert with their rendition will be played on TV on Christmas Day. 

They will also win a £3,000 shopping spree and tickets to a Richard Ashcroft headline show in 2025. 

Proceeds from the single will be donated to the John Lewis Partnership’s Building Happier Futures programme, which helps care-experienced people. 

This year, the advert is the final instalment of a three-part series, to relaunch the chain’s Never Knowingly Undersold pledge.  

It will air first on John Lewis’ social media platforms at 8am tomorrow, but MyJohnLewis members can watch it from 8am on the John Lewis website. 

It will be broadcast on TV during the ad break for Coronation Street on ITV at  8.45pm on Friday November 15. 

Others weren’t impressed by the lack of men visible onscreen throughout the John Lewis advert.

An X user wrote: “No mention of men in the advert. According to John Lewis men don’t shop or have families.”

On GB News, Dr Renee Hoenderkamp complained: “There’s no men in it. There’s no brothers, no husbands, there’s no grandpas – it’s all women.

“Christmas is about family, which includes men and women.”

But other viewers saw it as celebrating women.

One X user said: “If you have just watched the John Lewis advert and have sisters you will totally get it – I sobbed.

“I am blessed to have the most amazing sisters and best friends”.

Another said: “The John Lewis Christmas ad is a celebration of women and it’s, quite frankly, brilliant!”

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Stay informed with free updates

Simply sign up to the Accountancy myFT Digest — delivered directly to your inbox.

A former auditor at BDO has been given a 20-year ban by the regulator for faking electronic signatures and evidence and filing false company accounts.

The Financial Reporting Council, which oversees the UK accountancy profession, said Amanda Nightingale had “acted with sustained dishonesty over a five-year period in relation to a large number of audits” in her role as a senior manager at BDO’s Gatwick office.

The regulator said it had also issued “proposed formal complaints” against BDO and two of its former partners in August, alleging misconduct as part of its wider investigation into how Nightingale was able to carry out such “extremely serious” actions for so long.

Jamie Symington, FRC deputy executive counsel, said: “By deliberately signing audit reports without the relevant audit engagement partners’ knowledge, Nightingale’s conduct has risked severely undermining confidence in the audit profession and BDO.”

The findings are another blow for BDO, the world’s fifth-largest accountant, which was recently criticised by authorities in both the US and UK for having unacceptably high levels of errors in its audits of companies.

The FRC said: “On numerous occasions between 2015 and 2019, the conduct of Nightingale fell significantly short of the standards reasonably to be expected . . . and has brought, or is likely to bring, discredit to herself, BDO and to the accountancy profession.”

The regulator said Nightingale, who was unavailable for comment, had been banned from doing any accountancy work and excluded from the Institute of Chartered Accountants in England and Wales for 20 years.

BDO said its partners discovered Nightingale was “operating without proper authority” five years ago. When confronted, she “left the firm before her impending dismissal for gross misconduct” and the firm then reported its findings to the FRC and conducted an internal probe that reported to regulators and senior managers in February 2021.

The FRC said Nightingale had “caused or permitted auditor’s reports to be issued without approval” including by “inserting electronic copies” of other people’s signatures. It said she also filed accounts at Companies House without authorisation and using faked signatures, created false documents, falsified audit evidence and deceived colleagues and clients.

But it said there were mitigating factors: she was under extra strain due to a seriously ill family member, she did not gain financially from her misconduct — apart from it helping her to keep her job — and she has apologised for her actions.

As a result, and having “taken into account her financial circumstances”, it decided not to fine Nightingale, who paid £10,000 towards its costs.

ROCHESTER is thought to have inspired Charles Dickens more than any other town in the UK.

Located in Kent, Dickens is said to have spent his childhood in the Medway town, with its buildings inspiring the Victorian author.

4

4

Advertisement

Outside of London, Rochester claims to be the UK town that inspired Charles Dickens the most.

One place in Rochester where the prolific author took inspiration was Restoration House.

The Elizabethan Townhouse inspired the home of Estella and Miss Havisham in Great Expectations.

Rochester was used as a filming location for the 1989 version of Great Expectations that starred Anthony Hopkins and Jean Simmons.

Nowadays, Restoration House is open to the public, with visitors able to explore the walled gardens and rare collections of poetry.

Other buildings that have been immortalised by the author include Travellers House and the Guildhall Museum.

The neighbouring Eastgate House, a Grade-I listed building, also featured in the works of Charles Dickens.

Dating back to the 16th century, the townhouse underwent a huge £2.2million renovation project in recent years.

Garden visitors can explore the author’s chalet, which was once located at his home at Gad’s Hill Place in Higham.

For fans of the author, December is arguably the best time to visit – and it’s not just because a version of the Christmas Carol will be playing on the telly.

Every year, Rochester plays host to the Dickensian Christmas Festival.

The Victorian festival celebrates the work of Charles Dickens, with street performers and costumed characters filling the streets.

This year’s festival will be held on December 7 and December 8, with a Mistletoe Costumed Ball taking place on December 6.

Away from Charles Dickens, Rochester is packed with even more history too.

The Medway town is also home to Rochester Castle – a Norman keep that boasts panoramic views of the River Medway.

There’s also Rochester Cathedral.

Dating back to 604 AD, Rochester Cathedral is thought to be the second oldest cathedral in the country.

Its high street is also lined with independent shops, cafes and traditional pubs.

Brits who want to follow in the footsteps of Charles Dickens will want to head for a swift drink at The Royal Victoria and Bull Hotel where the famous writer is thought to have stayed.

Rochester is a 90-minute drive from London and it’s a 45-minute drive to Ashford.

The other UK town that inspired Charles Dickens

BURY St Edmunds in Suffolk may appear to be a typical British town, but it has a fascinating history all of its own.

Included in that is its inclusion as a setting in Dickens’ novel Pickwick papers.

The town, and the Angel Hotel, both feature very prominently in the novel; the Victorian author is known to have stayed in the accommodation on several occasions.

Fittingly, the town was also chosen as the setting for the 2019 film The Personal History of David Copperfield, with the hotel appearing on the screen.

Advertisement

Actor Dev Patel and his co-stars, including Tilda Swinton, Hugh Laurie and Peter Capaldi were filmed throughout the town as they brought the story to a new audience.

The Angel is still up and running and is now a boutique 4 star hotel right in the centre of town, famed for its ivy-clad walls.

It’s not the only famous Bury St Edmunds establishment that Dickens used to frequent, with the Nutshell also said to be a favourite haunt of the writer.

Meanwhile, this is the smallest town in the UK – and it has a Michelin starred restaurant.

And this UK village has been compared to a 1940s film set.

4

4