JD Sports to quit Debenhams rescue talks today December 1, 2020 JD Sports is expected to pull out of rescue talks with high street department store Debenhams today. The sports retailer was the last remaining bidder for Debenhams, which is in administration, and up until last week was ready to go ahead with the deal, according to the BBC. The recent collapse of Arcadia is understood [...]
Exclusive: Crunch time for insurers on Covid-19 discount decisions November 30, 2020 It is crunch time for the insurance industry, which now must decide what Covid-19 refunds and discounts to give customers ahead of the deadline set by the city regulator. Insurers have until 3 December to decide where, if at all, it is appropriate to apply Covid-19 related refunds or discounts on insurance policies. The Financial [...]
Bah humbug! PwC staff to work an extra day this Christmas November 30, 2020 Staff at big four auditor PwC will have to work an extra day this Christmas in light of challenges brought about by the coronavirus pandemic. PwC staff are usually offered an extra day off at Christmas time, but this year the giant told staff it would not be able to offer such a perk. The [...]
City watchdog receives nearly two coronavirus complaints from whistleblowers per week November 30, 2020 The Financial Conduct Authority (FCA) has received 47 whistleblower reports on coronavirus-related conduct at financial services firms in the six months to 30 September, equivalent to nearly two complaints per week. Many of the reports were related to a lack of personal protective equipment (PPE) and non-compliance with the government guidance on social distancing. Other [...]
To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Foreign direct investment in UK to slow as investor priorities shift November 30, 2020 Foreign direct investment (FDI) is set to slow over the next 12 months, as Covid-19 impacts financial services firms’ investment plans in the UK. Last year investor sentiments placed financial services as the driving force of UK growth – the sector attracted 99 projects, equating to more than a quarter of all FDI in Europe, [...]
Govt may have to rely on Labour to implement new tiered system, says minister November 30, 2020 The government may have to rely on the Labour party to push the new tiered lockdown system through parliament after rebellion in the Conservative party, a minister has said. Up to 100 backbenchers in the Conservative party are unhappy about the upcoming Covid-19 tiered lockdown, environment minister George Eustice told Sky News this morning. As [...]
Lloyds names HSBC’s Charlie Nunn as next chief executive November 30, 2020 Lloyds Banking Group has named HSBC head of wealth and personal banking Charlie Nunn as its next chief executive. Nunn will replace Antonio Horta-Osorio who said in July that he would step down next year once a successor was appointed. The new chief executive will be paid a salary of £1,125,000 and a fixed share [...]
Dutch bank ABN Amro to cut 3,000 jobs November 30, 2020 Dutch bank ABN Amro will cut almost 3,000 jobs by 2024, as it looks to bring down costs by €700m to €4.7bn per year. In an update before its annual investors day, the bank also said it would aim for a core capital adequacy ratio of at least 13%, and consider share buybacks if the [...]
Marcus Rashford named on ‘sensible celebrity’ list to promote Covid vaccine November 30, 2020 Footballer Marcus Rashford is likely to be one of the celebrities used in a new campaign to help to persuade people to have the coronavirus vaccine. NHS bosses plan to enlist celebrities and “influencers” with big social media followings in a major campaign to persuade people to have a Covid-19 vaccine amid fears of low [...]
