EY partners set to take pay cut after growth slows November 19, 2019 EY UK partners are set to take a pay cut this year after the audit firm today announced anaemic revenue growth of 1.5 per cent. Average partner pay for the year ended 30 June slipped to £679,000 from £693,000 the previous year. The firm said investments in tech and audit quality and an increase in [...]
Listed law firm DWF beats Brexit gloom to grow revenue November 18, 2019 Listed law firm DWF managed to boost its revenues in the first half despite persistent political uncertainty, it said today. In a trading statement to the City, DWF said it had increased group revenues by at least 10 per cent in the six months to the end of October. Read more: Listed law firm DWF [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]
Four areas that the next government must focus on November 14, 2019 Britain is facing a momentously critical General Election. Beyond this vote, there are unprecedented challenges and opportunities ahead in the short and long term. Regardless of the outcome, several areas will demand clarity, close attention, and innovative solutions from our next government. 1. Brexit quandary Economic confidence has fallen heavily in recent years. ACCA’s Global [...]
US law firm launches in London and plans UK expansion ‘because of Brexit’ November 10, 2019 A US law firm has launched in London to take advantage of the weakness of the pound triggered by Brexit. Tully Rinckey received regulatory approval to operate in the UK during the summer and has opened its first office in Mayfair. The firm – which opened its first international outpost in Ireland in 2018 – [...]
Law firm tries to muscle in on £1bn forex cartel claim November 6, 2019 US claimant law firm Hausfeld is trying to muscle in on a £1bn group action against a raft of banks who were found to have rigged the foreign exchange markets. The Competition Appeals Tribunal (CAT) heard today that Hausfeld is set to bring a claim by the end of November. The CAT was sitting for [...]
Watchdog says accountancy firms failing to challenge management of firms they audit November 5, 2019 Audit watchdog the Financial Reporting Council (FRC) today warned that the top firms were failing to be robust enough in challenging management of the companies they audit. The audit sector is in the political and regulatory spotlight following company failures such as the collapse of travel agent Thomas Cook and outsourcer Carillion. The FRC today [...]
Big Four firm KPMG denies reports of partner cuts amid cost-cutting drive November 3, 2019 KPMG has denied reports that it is gearing up to cut 10 per cent of its UK partners, as the Big Four accountant presses on with a significant cost overhaul. The company is said to be preparing to let about 65 partners go by Christmas, after a review of individual performance, according to the Financial [...]
Judgment imminent in Lloyds’ shareholders £600m financial crisis-era group action October 31, 2019 The long-awaited judgment in a financial crisis-era shareholder action against Lloyds Banking Group and five former directors of Lloyds TSB is expected imminently, according to people close to the case. The £600m claim focused on Lloyds TSB’s acquisition of HBOS in autumn 2008 at the height of the financial crisis. The claimant group of 300 [...]
All Grant Thornton’s scandals are denting partners’ profits October 31, 2019 Partner profit at embattled accountancy firm Grant Thornton UK dropped this year after the firm was embroiled in a series of scandals and its chief executive stepped down after an internal coup. In a year to forget for the UK’s sixth-largest accountancy firm, partner profits fell nearly six per cent to £323,000 from £343,000. The [...]