MPs to be given power on picking future chief executives of the Financial Conduct Authority (FCA) April 19, 2016 MPs will be given the power to say yea or nay to the top role at the City watchdog, thanks to a legal amendment agreed on today. The proposed clause for the Bank of England and Financial Services Bill means that government will have to seek approval from parliament, particularly the Treasury Select Committee, for any future [...]
World of trading revolves around rumours, says barrister representing Iraj Parvizi in insider trading case April 19, 2016 The barrister representing a businessman on trial for insider trading told a court today that the world of trading was dependent on the rumour mill. Former Aria Capital director Iraj Parvizi has been charged with conspiracy to insider deal on various occasions between 2006 and 2010, alongside accountant Andrew Hind, former Panmure Gordon stockbroker Andrew Grant Harrison, private day trader Benjamin [...]
UK companies looking outside the office for new leaders, but they’re not staying once they get there April 19, 2016 UK companies are more likely to take their hunt for a leader outside the office compared with their overseas counterparts, research released today has found. According to the study by Strategy&, PwC's strategy consulting business, over half (58 per cent) of chief executives appointed in the UK last year were external candidates, compared with a global [...]
Over 50 per cent growth to Saga profits and a hike in proposed final dividend for the year ended January 2016 leads to share price rise April 19, 2016 Saga today revealed a boost to its profits in its preliminary results for the year ended January 2016. The company, which specialises in services aimed at the over-50s market, revealed that its profits before tax had risen to £176.2m, up 54.8 per cent on the prior year's £113.8m. The company also announced that it was increasing its proposed [...]
Utilitywise share price up as company announces rise in revenue and a new role for chief executive Geoff Thompson April 19, 2016 Utilitywise today announced a spike in sales and a new role on its board for founder and chief executive Geoff Thompson. The utility management company, which counts Krispy Kreme and HSBC as clients, revealed that revenues had risen to £41.6m in the six months ending January 2016, up 36 per cent from £30.6m the year before. Meanwhile, adjusted pre-tax [...]
RSM International boss Jean Stephens: Take the emotion out of equality and remember the facts – more diverse businesses just do better April 18, 2016 Jean Stephens is a woman who is passionate about diversity but, from time to time, she thinks it would be better to suck the emotion out of the often explosive subject and just face the facts: improving diversity in the boardroom could improve profits too. "Everyone has to embrace the fact that, by having diverse opinions [...]
Meeting adjourned: Public Accounts Committee slams Home Office representative for turning up to meeting about confiscation orders seemingly underprepared April 18, 2016 The Public Accounts Committee (PAC) criticised "disappointing" progress on confiscation orders today, before adjourning a meeting early after a Home Office representative did not appear ready to discuss previously agreed points. The PAC took evidence from Mark Sedwill, permanent secretary at the Home Office, Mick Creedon, chief constable of Derbyshire Police and national lead officer for Serious and Organised Crime, [...]
The Financial Reporting Council (FRC) issues new guidance on company solvency and going concern basis April 18, 2016 The accountancy watchdog has today issued new guidance for companies on how to make it clear in their accounts whether their business can afford to keep running for the foreseeable future. The report published by the Financial Reporting Council (FRC) aims to help directors to understand the going concern basis in accounting alongside the relevant disclosure requirements. The [...]
Investment Association to shake up UK Equity Income sector after too many funds given the boot yield requirements April 18, 2016 The Investment Association (IA) is to reconsider one of the more problematic requirements of its UK Equity Income sector after too many funds were found to be failing to meet the mark. The IA is running a consultation into its yield rules, which currently require funds to achieve an average yield of no less than 10 per cent above the FTSE [...]
