UK audit shakeup: Big Four face FTSE client caps, new watchdog and a clampdown on directors March 18, 2021 Big Four dominance in the UK audit market may be diluted under new plans announced today that would see stricter regulation of the sector and executives at major firms. The government hopes the proposals, published in a consultation today by the Department for Business, Energy and Industrial Strategy (BEIS), will lead to greater transparency in [...]
Insolvencies fell to two-year low in February March 17, 2021 The number of company insolvencies last month stood at 686, the lowest monthly number recorded since January 2019. Figures released by the government’s Insolvency Service found the number of company insolvencies in February 2021 was 49 per cent lower than the same month in the previous year. February 2020 marked the month before the UK [...]
UK borrowers impacted by pandemic face rising mortgage payments, L&G warns March 17, 2021 UK borrowers who have suffered a drop in income during the pandemic could soon be paying thousands of pounds more in monthly mortgage repayments, according to the latest research. The survey by Legal & General Mortgage Club found that one in three borrowers are considering staying on their current lender’s Standard Variable Rate (SVR) once [...]
Begbies Traynor boss on pandemic insolvencies: ‘The worst is yet to come’ March 16, 2021 Begbies Traynor boss on pandemic insolvencies: 'The worst is yet to come'
Legal lender Level gets £20m investment from venture capital firm March 16, 2021 Legal lender Level has received an investment from Guernsey-based 1818 Venture Capital worth £20m. Level specialises in lending within the family and private client law sectors and works with more than 200 law firms. It had funded hundreds of cases and clients. George Williamson, founder and CEO of Level, said: “[The] investment, and in particular [...]
Clifford Chance hands staff Covid-19 bonus March 15, 2021 Clifford Chance will pay staff an extra bonus of five per cent of their salary for their hard work during the pandemic. As a sign of the firm’s appreciation for its people over the past 12 months, the magic circle law firm will make a one-off payment to each of its lawyers and business professionals [...]
BDO wins biggest international audit client replacing Big Four firm KPMG March 15, 2021 BDO in the UK, German and the US has won its largest ever international audit client, replacing KPMG as auditor of software giant SAP. The challenger firm will take over from KPMG as SAP’s auditor for the 2023 financial year. According to SAP, BDO has a “modern and innovative audit concept”. The decision to take [...]
Begbies Traynor set for £25m acquisition in biggest deal yet March 12, 2021 Begbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25m. The deal represents Begbies Traynor’s biggest acquisition to date, and continues the firm’s recent acquisitive spree, which has seen it buy two firms already this year. Begbies Traynor will pay an initial £12m for David Rubin [...]
McKinsey elects Bob Sternfels as new leader following former boss’s ousting March 10, 2021 Bob Sternfels has been elected the new global managing partner of McKinsey, making him the 13th partner to lead the firm since its founding in 1926. The change comes after former boss Kevin Sneader was voted out of his position following a perceived poor handling of a succession of crises. Sternfels will begin his three-year [...]
Clash of the consultants: Secretariat sues rival over fake Glassdoor review March 9, 2021 Consultancy firm Secretariat is suing rival HKA, after one of the bosses allegedly posted damaging reviews about Secretariat on website Glassdoor. Secretariat has filed a lawsuit in California alleging that Toby Hunt, who is partner, chief business development officer and head of Europe at HKA, made damaging comments on employer review site Glassdoor while posing [...]