FRC slaps PwC and City partner Jonathan Hook with staggering £5m fine and severe reprimands June 7, 2022 The Financial Reporting Council said this morning the watchdog has fined auditor PricewaterhouseCoopers and one of its London partners more than £5m for their audit of two construction companies. The regulator said that PwC and audit engagement partner Jonathan Hook would also face severe reprimands. The fines are linked to the audit of Kier Group’s [...]
LV= appoints new chair as insurance mutual’s CEO faces calls to quit June 7, 2022 LV= has appointed Simon Moore as its new chair, as the insurance specialist’s chief executive faces renewed calls to step down. Moore, who presently holds the position of chair at consumer lending firm PCF and digital bank RCI Bank UK, will succeed interim chair Seamus Creedon. Moore said he was “determined” that the legacy firm [...]
Private equity firm set to finalise £200m deal to take over government contracts Amey Plc June 6, 2022 The London private equity firm that currently employs ex-Tory minister Philip Hammond is seeking to a finalise a deal to takeover one of Britain’s biggest civil engineering firms, Amey Plc. Buckthorn Partners, which took on Lord Hammond as a partner in 2020, has teamed up with US private equity firm One Equity Partners to buy [...]
LV= chief executive Mark Hartigan faces renewed pressure to stand down after MPs step in June 6, 2022 LV= chief executive Mark Hartigan is facing renewed pressure to step down from his role, after MP’s called on the exec to exit the mutual insurance firm. In an interview with the Mail on Sunday, Tory MP Kevin Hollinrake said: “It is high time Mark Hartigan left the company. Every day he stays he’s earning [...]
Binance hits back at claims it’s a ‘hub for hackers, fraudsters and drug traffickers’ June 6, 2022 Binance, the world’s largest cryptocurrency exchange, has brushed aside claims it is a “hub for hackers, fraudsters and drug traffickers,” after a Reuters investigation accused the Cayman Islands registered firm of serving as a “conduit for the laundering of at least $2.35bn in illicit funds”. In a blog post responding to Reuters’ article, the coin [...]
Exclusive: Co-working firm Second Home launches sale process amid battle for rescue cash June 6, 2022 Shared office firm Second Home has started scouting for a buyer in parallel with efforts to secure rescue cash, CityA.M. understands. The workspace provider has launched a sale process after administrators from FRP Advisory were called in to help fend off insolvency. Headed by a former aide to ex-Prime Minister David Cameron, Rohan Silva, Second [...]
Self-care: Quarter of office workers mull resignations in coming year June 6, 2022 Almost half of office workers do not think their firm is a good place to work, with many considering resigning in the coming year, fresh statistics have revealed. Some 24 per cent of workers are considering quitting their job in the months ahead, according to real estate consultancy JLL, which surveyed more than 4,000 office [...]
Exclusive: FCA not ‘selling out’ on premium listings, which could spur biotech sector, argues City lawyer May 31, 2022 The FCA’s proposed reforms to the UK’s listing regime, published last week, could help spur the biotech and technology sectors, a senior City lawyer has told City A.M. In the plans, the FCA has outlined how it plans to make the rules companies must follow in order to be allowed to list their shares in the [...]
Marine and aviation insurance premiums more double as policyholders feel hit from Ukraine war May 30, 2022 The cost of insuring certain marine and aviation businesses has more than doubled due to rising costs and the risks associated with the war in Ukraine. Global insurance premiums increased 11 per cent in the first quarter 2022, as conflict in Ukraine pushed up insurance costs worldwide, Reuters said. However, insurance costs have soared particularly [...]
Pendragon to face shareholder mutiny after Hedin Group hits out over executive pay May 30, 2022 Swedish car seller Hedin Group has vowed to vote down Pendragon’s executive pay policy, after slamming the UK’s second biggest car dealer over its plans to hand out bumper bonuses to its board. The Swedish group – which is currently Pendragon’s largest shareholder – hit out at the UK car seller over its decision to [...]