Chief Financial Officers should step up and take a more active role in leading their businesses, new report says July 26, 2022 Company Chief Financial Officers (CFOs) should take a more active role in guiding the businesses they run through times of uncertainty, according a new report Big Four accounting firm Deloitte and cloud computing company Anaplan. The report warns that CFOs perception of themselves and their own roles fails to match the perceptions of others, as [...]
New York law firm struggles to find firm to process fee payments from sanctioned VTB Bank July 25, 2022 The law firm acting on behalf of VTB Bank has asked for more time to file its case, after warning that at least three financial institutions have refused to process legal fee payments from the sanctioned Russian bank, even after being assured that processing the payments would be legal. The New York law firm Brafman [...]
‘Crumbling’ court buildings are worsening case backlog as repair works see more than 100 sitting days lost July 25, 2022 The Law Society has called for “widespread investment” in the criminal justice system after it was revealed that more than 100 court sitting days were lost in the first six months of 2022 due to repair works in England and Wales’ “crumbling” Crown Court estate. As of the end of June, 111 court sitting days [...]
UK’s Insolvency Service uses new powers to crack down on Covid loan fraud July 25, 2022 The UK’s Insolvency Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government backed loans. The Insolvency Service used its “tough new powers” to ban three individuals from acting as company directors, for dissolving their companies to avoid [...]
Sadiq Khan warns record court backlog has stretched London’s victim support services to ‘breaking point’ July 25, 2022 London Mayor Sadiq Khan has called on the UK government to take urgent action to tackle the court backlog, after warning the capital’s victim support services are “being stretched to breaking point”. In a letter to Justice Secretary Dominic Raab, the Mayor of London said delays of up to five years for rape and sexual [...]
Record £14m fine for KPMG over Carillion and Regenersis audits with partner Peter Meehan banned from ICAEW July 25, 2022 The UK’s accounting watchdog has fined KPMG £14.4m and told it to pay £3.95m in costs for providing false and misleading information during its audits of Carillion and Regenersis. The UK’s Financial Reporting Council (FRC) also fined four of KPMG’s former auditors, banned them from the accounting sector’s professional membership body, and severely reprimanded another [...]
Liz Truss promises post-Brexit bonfire of EU rules that hinder UK growth July 22, 2022 Tory leadership candidate Liz Truss has vowed to seize the opportunities posed by Brexit by scrapping EU regulations that hinder the UK’s growth. The Conservative MP said that if she becomes prime minister, she will scrap any EU rules that hinder investment or fail to support growth in the UK economy by 2023. If Truss [...]
Stamp seller Stanley Gibbons sets out plans to delist from AIM July 22, 2022 Collectable stamp seller Stanley Gibbons today put forward plans to pull itself off of London’s Alternative Investment Market (AIM), as it announced the resignation of its CEO. The London stamp dealer said it will allow shareholders to vote on plans to delist Stanley Gibbons from the AIM stock exchange, at an extraordinary general meeting on [...]
Jubilee weekend boom fails to lift June’s retail sector July 22, 2022 An uptick in sales of food during the Jubilee weekend was offset by slower sales across the rest of the retail sector to see June retail volumes drop 0.1 per cent compared to previous month. The Jubilee weekend saw food shops sell 3.1 per cent more food last month than they did in May, as [...]
PwC ups pay for newly-qualified lawyers to £90,000 a year July 21, 2022 Big Four accounting firm PwC has upped pay for newly qualified (NQ) lawyers working in its fast-expanding UK legal business to heights of £90,000 a year. The salary hikes will see PwC match the salaries offered by top ranking law firms including London law firm Mischon de Reya, and put it ahead of major firms [...]