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 [...]
Citi chief political analyst Tina Fordham moves to new boutique law firm Avonhurst October 31, 2019 Investment bank Citi’s chief global political analyst Tina Fordham is moving to new boutique law firm Avonhurst as a partner and head of global political strategy, the firm announced today. The hire is an unusual one as law firms have not traditionally advised their clients on political risk. Speaking to City A.M. Fordham said: “It [...]
Daiwa Capital Markets faces $150m bill after Supreme Court appeal loss October 30, 2019 Daiwa Capital Markets Europe faces a $150m (£116m) bill after losing an appeal to the UK Supreme Court today. The court ruled in favour of Singularis Holdings – now in liquidation – in a claim for negligence against the English subsidiary of the Japanese bank. The case relates to a payment Daiwa made at the [...]
Audit watchdog calls for better risk forecasts to improve public trust in business October 30, 2019 The audit watchdog today called for firms to provide more information on strategic risks to help improve public trust in business. High-profile failures like travel agent Thomas Cook and outsourcer Carillion have led to fingers pointed at companies and their auditors with questions raised over why risks were not set out in the company’s accounts. [...]
What problems do savers face when transferring their pensions? October 30, 2019 If you want to transfer your pension to another company, you could find it quicker to fly to Mars. That’s not an exaggeration – in some instances, it can take six months for your provider to process your request, so it’s hardly surprising that some people simply don’t bother trying to move their money at [...]
DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? October 30, 2019 As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]
After the Woodford saga, here are four signs that your fund is in trouble October 29, 2019 The industry is still reeling from the news of the Woodford fund closure, with investors left in limbo as to when they will get their money back. But the saga has also brought two more general considerations into sharp focus: first, whether star fund managers are the answer at all, and second, what red flags [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
Men dominate investment banking deals, research finds October 28, 2019 A new ranking of Europe’s top investment bankers reveals that no women were included in the top 10 by number of deals over £100m. According to the research by data platform Mergerlinks , the top deal doer in Europe in the year ended the first half of 2019 was Rothschild & Co banker Dominic Hollamby [...]
M&C Saatchi set to appoint PwC as its auditor following accounting scandal October 28, 2019 Advertising agency M&C Saatchi is set to appoint Big Four accountancy firm PwC as its new auditor following an accounting scandal that wiped out more than half of its share price. In August the advertising agency network said it had set aside £6.4m after it had spotted an error in its accounts. Its previous auditor [...]