Exclusive: 33,000 suspicious activity reports filed as Covid fuels fraud December 17, 2020 Some 33,000 suspicious activity reports (SARs) linked to the Covid-19 pandemic have been filed this year, suggesting government schemes designed to help people and businesses through the pandemic are open to abuse. SARs are filed by professionals working in a regulated sector, typically bankers, lawyers and accountants, and alert law enforcement to potential instances of [...]
Pimlico Plumbers flush with cash despite pandemic pressure December 17, 2020 Pimlico Plumbers has defied the potential impact of coronavirus on its books and increased its pre-tax profits in its latest financial year. The central London-based company achieved turnover of £43.27m for the 12 months to 31 May 2020. This is compared to £44.84m reached during its previous financial year. Pimlico Plumbers said the drop in [...]
Lloyd’s pledges to end investment in coal in first climate change policy push December 17, 2020 Lloyd’s of London will end investment in thermal coal-fired power plants, thermal coal mines, oil sands and new Arctic energy exploration activities as part of the market’s first ESG strategy. Lloyd’s typically has a more hands-off approach when it comes to climate change strategy. The market acts as regulator for around 100 syndicate members, and [...]
London’s IPO market proves resilient despite choppy conditions December 17, 2020 Despite rocky conditions caused by Covid-19 and Brexit-related uncertainties, the London Stock Exchange (LSE) retained its title as Europe’s most active market this year. LSE proceeds have accounted for almost a third of total European proceeds in 2020. So far there have been 26 London IPOs this year, which is in line with 2019’s 27. [...]
EY chair: ‘Nobody wants to go back to full time in the office’ December 17, 2020 Almost nobody will want to go back to working five days a week in the office post-pandemic, according to EY UK chair Hywel Ball, after employees have enjoyed the convenience of home working for most of 2020. Speaking to City A.M. Ball said offices were likely to look very different post-pandemic, and that staff would [...]
Govt rejects £33m proposal for more passport booths at Dover leaving longer queues more likely December 16, 2020 The UK cabinet office has rejected a £33m proposal to double the capacity for French government passport checks at Dover, dooming UK passengers to long delays at the border post-Brexit. The port of Dover, which handles 2.2 million passenger vehicles each year, requested the funding in October to help it to pay for additional Brexit-related [...]
RSM pays back £4.4m furlough cash December 16, 2020 Audit challenger firm RSM has repaid £4.4m to the government, having decided to do so in a board meeting earlier this month, City A.M can reveal. RSM’s board made the decision to repay the the money in full on 8 December. CEO Rob Donaldson said the firm did not see the decision as an opportunity [...]
Queen faces technical hitch during KPMG video call December 16, 2020 The Queen faced a technical hitch while on a call with KPMG yesterday, proving even the royal family are not immune from video call mishaps. Her Majesty paid a virtual visit to KPMG on Tuesday to mark the firm’s 150th anniversary, where she spoke via video call with five individuals at the Big Four firm. [...]
EU banks losing appetite for exposure to Brexit Britain December 12, 2020 Banks in the European Union may be losing their appetite for exposure to Britain, the EU’s banking watchdog said yesterday. There are concerns in the bloc that a no-deal Brexit, which is looking increasingly likely, could disrupt financial markets. Britain will stop having full access to the EU after 31 December, and many banks in [...]
Navy patrol ships on standby to protect UK from EU’s fishy business December 11, 2020 Four Royal Navy patrol ships are on standby for 1 January in case of a no-deal Brexit, ready to help to protect the UK’s fishing waters. The 80-metre long armed vessels would have the power to halt, inspect and impound all EU fishing boats operating within the UK’s exclusive economic zone (EEZ), which can extend [...]
