Long awaited audit reforms could start this year, says audit watchdog boss March 5, 2020 The long-promised reform of the UK audit sector could start this year with voluntary changes by the Big Four accounting firms, the audit watchdog said today. The collapse of outsourcer Carillion in 2018 prompted three reviews of the sector and two years on there have been calls from MPs and industry figures to speed up [...]
CMA warns firms against coronavirus rip-offs as face mask and hand sanitiser prices soar March 5, 2020 The Competition and Markets Authority (CMA) today warned companies not to gouge customers during the coronavirus scare as prices for hand sanitiser and face masks rocket. The watchdog said it would look at evidence that companies may have broken competition or consumer protection law by charging excessive prices or making misleading claims about their products. [...]
Startups clash with watchdog over digital merger regulation March 3, 2020 British startups have been plunged into a bitter war of words with the competition watchdog as the two sides clash over how major tech mergers should be regulated. Industry body the Coalition for a Digital Economy (Coadec) has penned a scathing letter to chancellor Rishi Sunak warning that the Competition and Markets Authority (CMA) risked [...]
Competition watchdog risks ‘killing’ British tech firms, startups warn March 3, 2020 The UK competition watchdog risks “killing” rising British tech companies by launching lengthy investigations while global rivals are free to pull ahead, startups have warned. In a letter to chancellor Rishi Sunak, seen by City A.M., industry body the Coalition for a Digital Economy (Coadec) said the Competition and Markets Authority’s (CMA) “eleventh-hour interventions” risked [...]
CMA considers enforcement action against developers over ‘troubling’ leasehold mis-selling claims February 28, 2020 The Competition and Markets Authority (CMA) is set to launch enforcement action against developers after finding “troubling evidence of potential mis-selling and unfair contract terms”. The watchdog launched a probe into the industry last year and confirmed today that it had found evidence of “serious issues” within the housing sector. The issues revolve around the [...]
Paddy Power owner Flutter’s profit falls on UK tax blow February 27, 2020 Betfair and Paddy Power owner Flutter posted tumbling 2019 profit today as UK gaming taxes and the firm’s increased investment in the US both took their toll. The figures Profit before tax plunged 38 per cent year on year to £136m despite a 14 per cent hike in revenue to £2.14bn. Earnings per share also [...]
Our capitalist system is in crisis — here’s how we can reboot it February 27, 2020 Capitalism and the market economy are in trouble. As the benefits of our capitalist system accrue to the already wealthy while a huge swathe of the population continues to struggle, many are questioning whether inequality is built into the current system — which therefore needs overthrowing with statist intervention. Others cling on to their ideological [...]
Energy complaints only the tip of the iceberg February 27, 2020 The true scale of customer dissatisfaction with the energy sector has been significantly underestimated, according to a new survey. Research by consumer group Which said if every consumer with a grievance against their supplier complained, the number submitted would be around 6.9m. One reason for this figure is disillusioned customers do not want to make [...]
Metro Bank shares plumb new depths after challenger bank swings to £131m loss February 26, 2020 Metro Bank will slash its growth plans after plunging to a £131m pre-tax loss in 2019, a devastating year in which an accounting scandal sent shares plunging and led to an exodus of the bank’s top brass. Shares in the company fell as much as 19 per cent in morning trading to an all-time low [...]
East African states strive for single capital market as Mauritius diversifies February 25, 2020 CFA Institute has examined Africa’s 10 largest capital markets in a major report compiled by Heidi Raubenheimer, CFA, our senior director for journal publications. Here we highlight key developments across East Africa and also take a look at island nation Mauritius. East Africa: Kenya leads way as tech platform links markets The East African Community (EAC) [...]