Thomas Cook collapse: MPs slam government inaction and lack of audit reform November 4, 2019 Business secretary Andrea Leadsom has come under fire from MPs for “the extraordinary lack of interest” she showed in Thomas Cook in the run-up to its collapse, amid growing calls for wide-ranging regulatory reform. In a scathing conclusion to the business select committee’s (BEIS) review into the travel giant’s liquidation, MPs expressed their frustration that [...]
What Thomas Cook’s collapse tells us about the power of disruption November 4, 2019 Whilst the failure of UK holiday firm Thomas Cook was sudden and a considerable shock to many, the writing has been on the wall for some time now. Driven by technology and specifically by the advent of online booking and reservation systems, the travel industry has long been undergoing a radical transformation across each of [...]
Mike Ashley hits out at competition watchdog over JD Sports probe October 30, 2019 Retail tycoon Mike Ashley has slammed the UK’s competition watchdog for its investigation into the merger between JD Sports and Footasylum, saying it has overstated Sports Direct’s share of the market. The Competition and Markets Authority (CMA) is investigating whether JD Sports’ £90m takeover of Footasylum could result in higher prices and reduced competition in [...]
DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? October 30, 2019 As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]
British satellite giant Inmarsat gets green light for $3.4bn takeover October 29, 2019 The government has given the green light for a $3.4bn (£2.6bn) private equity buyout of British satellite giant Inmarsat. Read more: Satellite firm Inmarsat ditches dividend ahead of $3.4bn private equity takeover Culture secretary Nicky Morgan today said she has waved through the merger after accepting a series of remedies put forward by Inmarsat and [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
New rules announced to help UK mortgage prisoners October 28, 2019 The City watchdog has removed barriers to help trapped mortgage customers switch to a better deal. The Financial Conduct Authority (FCA) today confirmed the introduction of new rules to help so-called mortgage prisoners, which are consumers who would benefit from switching but are unable to change to a more affordable mortgage despite being up-to-date with [...]
Three warns of 5G threat after £2bn mobile mast merger makes new ‘monopoly’ October 27, 2019 Mobile operator Three has issued a stark warning over a £2bn mobile masts mega-merger, warning the deal could pose a threat to the UK’s 5G rollout. Earlier this month Spanish infrastructure giant Cellnex struck an agreement to buy the telecoms division of British firm Arqiva, making it the largest mast operator in the UK. Read [...]
Water giants on collision course with Ofwat ahead of crunch ruling October 27, 2019 Some of the water industry’s most prominent investors are said to have complained to the Treasury that regulator Ofwat is becoming politicised. Investors that control suppliers including Anglian, Yorkshire, Affinity, South East and South Staffs reportedly met with officials this month, in a bid to pre-empt Ofwat’s final publication of its financial demands for the [...]
Payday lender Quickquid lines up administrators October 24, 2019 Quickquid is on the brink of collapsing into administration following a crack down on pay day lenders. Cash Euro Net UK, which trades under the name Quickquid, has lined up Grant Thornton as administrator as it prepares for a potential insolvency process, which could be launched in the next few days, Sky News reported. Read [...]