FCA fines plummet in 2016: Epidemic problems in wind down, say experts December 23, 2016 Fines levied by the UK's financial watchdog have fallen to their lowest level in nine years. The amount imposed by the Financial Conduct Authority (FCA) has fell by 97 per cent during 2016 – just £22m of penalties have been dished out, compared with £905m in the previous year. And according to City law firm [...]
Legal & General appoints EY senior partner Jeff Davies as new chief financial officer December 22, 2016 Insurance giant Legal & General (L&G) has appointed EY senior partner Jeff Davies as group chief financial officer. Davies will take up the role after the firm's 2016 preliminary results announcement next spring and current finance boss Mark Gregory will step down at the same time. Gregory will remain an employee of the company until [...]
Tax clampdown leads to spike in VAT registrations December 21, 2016 The number of online retailers registering for UK VAT has increased tenfold after the taxman introduced new powers to crackdown on a £1bn loophole used by overseas traders. In rules announced in March and coming into force in September, HM Revenue & Customs (HMRC) can force overseas retailers using UK online marketplaces to either appoint a UK-based [...]
Cross party MPs want to amend key bill and have tax clampdown extended to overseas territories December 20, 2016 A cross-party group of MPs will today up the ante on the UK's overseas territories, hoping to force them to adopt the same transparency laws as the rest of Britain. 80 MPs from across seven parties will support adjustments to the Criminal Finances Bill stipulating the UK's overseas territories, such as the British Virgin Islands and Cayman [...]
Government must not undermine £25.7bn legal sector in Brexit process, warns City lobby group December 20, 2016 Government must take care not to unwittingly damage the UK's legal sector, which was worth roughly £25.7bn to the economy in 2015, in the Brexit process, a report out today has warned. The study, produced by lobby group TheCityUK, called on government to make sure the legal sector would not only retain access to overseas talent [...]
Lawyers advise banks they can sue the EU if it won’t grant a Brexit transition period December 19, 2016 Top lawyers are advising banks in the UK they might be able to sue the European Union if a transition deal is not offered as part of the Brexit package. Several across the financial sector have raised concerns they will be faced with a cliff edge situation once the UK divorces itself from the EU, [...]
IMF chief Christine Lagarde found guilty in negligence trial December 19, 2016 The head of the International Monetary Fund (IMF), Christine Lagarde, has been found guilty of negligence in relation to her handling of a controversial payout to a French tycoon during her time as the country's finance minister. However, the judges did not hand down any sentence in the case. The IMF chief was facing charges linked to [...]
Brewin Dolphin snaps up asset manager Duncan Lawrie for £28m December 19, 2016 FTSE 250-listed investment manager Brewin Dolphin has snapped up a UK private client investment management business for £28m. Duncan Lawrie Asset Management (DLAM) has around 1,000 client relationships and manages funds of £735m, Brewin Dolphin said this morning. On a pro-forma basis Brewin Dolphin's total group funds under management will increase to £36.1bn. The acquisition was financed [...]
KPMG boss: Let’s get my successor in place then it’s time to shoot for the global job December 18, 2016 KPMG’s UK boss will throw his hat in the ring for the firm’s global top job, with winning back public trust in business at the top his to-do list. Simon Collins surprised fellow partners during the firm's annual conference in December by revealing he would not be seeking re-election as the UK chairman. And speaking to [...]
Growth in revenues is good but it’s even better if you look more carefully, says KPMG boss December 16, 2016 KPMG said its annual results proved it had moved beyond simply being a Big Four beancounter as it joined competitors in smashing through the £2bn revenue barrier. The UK arm, based in Canary Wharf, is the last to announce its annual return, reporting performance for the 12 months to the end of September. EY's UK business reported revenues [...]