KPMG slashes headcount in transformation unit amid cost cutting drive November 20, 2019 KPMG is making redundancies in its in-house project management team as part of a campaign to slash millions of pounds in costs. KPMG told more than half of the staff in its transformation centre of expertise (TCE) this week that their jobs were at risk of redundancy, Sky News reported. The unit works across KPMG [...]
City watchdog hits Henderson Investment Funds with £1.9m fine for overcharging retail customers November 20, 2019 City watchdog the Financial Conduct Authority (FCA) today said it had fined Henderson Investment Funds Limited (HIFL) nearly £1.9m for treating retail customers unfairly. The FCA said HIFL had overcharged 4,500 retail customers in two of its funds, the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund. In 2011 HIFL’s [...]
UK summons Chinese ambassador over accusations China tortured Hong Kong consulate worker November 20, 2019 The UK has summoned China’s ambassador after a former employee of the British consulate in China alleged he was tortured by Chinese police. Hong Kong citizen Simon Cheng said he was tortured during a 15-day detention by police in mainland China. Cheng said Chinese secret police shackled him, beat him and deprived him of sleep [...]
The Investor Forum pushes Aviva to shake-up strategy November 19, 2019 A group of institutional investors has pushed insurer Aviva to overhaul its strategy ahead of an investor meeting tomorrow. The Investor Forum, whose members manage assets worth about £21 trillion, has urged Aviva to produce a credible long-term plan to increase its value, Sky News reported. The Forum wrote to Aviva over the last few [...]
John McDonnell says Labour will break up Big Four ‘cartel’ November 19, 2019 Shadow chancellor John McDonnell today promised to break up the “cartel” of the Big Four accounting firms if Labour wins the upcoming election. “Under Labour the Big Four companies will not be allowed to continue to act like a cartel,” McDonnell told a Westminster audience during a speech on Labour’s plans for the economy. The [...]
EY partners set to take pay cut after growth slows November 19, 2019 EY UK partners are set to take a pay cut this year after the audit firm today announced anaemic revenue growth of 1.5 per cent. Average partner pay for the year ended 30 June slipped to £679,000 from £693,000 the previous year. The firm said investments in tech and audit quality and an increase in [...]
Ex-Stobart boss courts City heavyweights to back Eddie Stobart rescue bid November 18, 2019 Former Stobart boss Andrew Tinkler is reportedly lining up heavyweight City support for his proposed financing package for struggling haulier Eddie Stobart. City A.M. revealed yesterday that Tinkler was putting together a £75m financing package for the ailing firm and had the backing of 11.8 per cent shareholder the Stobart Group. “Shareholders do take my [...]
Aviva shares fall as it denies reports it is selling its Singapore and China businesses November 18, 2019 Shares in insurer Aviva fell 4.5 per cent today after it said it was not planning on selling its business in Singapore or exiting its joint venture in China. Aviva made the announcement in response to reports it was mulling a disposal of the two businesses. Read more: Aviva CFO to leave in latest leadership [...]
Dividend growth slows in third quarter as profit slowdown bites November 18, 2019 Dividend growth has slowed globally, according to figures published today by asset manager Janus Henderson. The trend began in the second quarter and continued into the third. Dividends have still continued to grow, but at a slower pace than previously. Payouts rose 2.8 per cent on a headline basis to reach a third-quarter record of [...]
Audit watchdog could push for clawback of audit partners’ bonuses after poor quality work November 17, 2019 The audit watchdog could push for powers to clawback bonuses from audit partners if an audit fell below a certain level of quality. The Financial Reporting Council (FRC) is thinking of asking the government for powers to set remuneration standards for auditors, The Sunday Times reported. The idea follows scandals at department store BHS, outsourcer [...]