Brydon review finds UK audit industry in need of ‘urgent reform’ December 18, 2019 The UK’s audit industry is in need of “urgent reform”, according to the findings of a year-long review into the sector. The review, which was led by Sir Donald Brydon, a former chair of the London Stock Exchange Group, calls for the creation of “a standalone and transparent audit profession” split off from the accounting [...]
FCA overdraft rules: What they mean and which banks have hiked fees December 18, 2019 Millions of people may see changes to their available bank balances today as new overdraft rules from the financial watchdog covering how overdrafts are displayed come into effect. The Financial Conduct Authority (FCA) has ordered UK banks to stop including overdrafts in funds marked as “available” to customers, in a move designed to make it [...]
Ocado set to be crowned the FTSE’s most valuable tech giant December 17, 2019 Analysts have said Ocado has the vision to become the “Microsoft of Retail tomorrow” and transition into the FTSE’s most valuable tech giant. Once finalised, the decision by the Competition and Markets Authority (CMA) to de-designate Ocado as a retailer in August will make it the largest listed tech company in the UK by valuation. [...]
Ofwat orders water companies to cut bills by £50 December 16, 2019 Water firms must slash the average bill by £50 by 2025, regulator Ofwat insisted today as it set out plans to improve the utility providers’ performance. The demand forms part of a massive £51bn investment strategy for water companies under Ofwat, including a goal to cut the amount of water lost to leaks by 16 [...]
Yü Group shares skyrocket on energy supply deal with Smartest December 16, 2019 Yü Group, the supplier of energy and utilities services to UK businesses, saw its share price rise by nearly 50 per cent today after it announced an energy supply arrangement with Smartest Energy. The hedging facility with Smartest will provide Yü with a credit line up to £13m, which will grow in line with the [...]
The best and worst ads of 2019 December 16, 2019 It has been a year of highs and lows for adland. PRs, creative agencies, and brands will be examining their advertising efforts this month, and while some will be pleased with their work, others will be looking to improve next year. To help with this process, I asked members of the marketing industry and other [...]
CMA clears $4.3bn Roche-Spark deal as US drags feet December 16, 2019 Swiss pharmaceuticals giant Roche today won UK regulatory approval for its $4.3bn merger with gene therapy firm Spark Therapeutics. The Competition and Markets Authority (CMA) unconditionally cleared the tie-up in the latest milestone in Roche’s $114.5 per share offer. Read more: Roche faces fresh delay in $4.3bn Spark merger The deal had faced intense scrutiny [...]
Water firms prepare to flood watchdog with complaints after final Ofwat ruling December 15, 2019 Britain’s water companies are getting ready to launch a deluge of complaints against Ofwat, after the regulator publishes its final financial demands for the industry over the next five years. The regulator stunned the industry in July, when it rejected all but three leading suppliers’ business plans for 2020-2025, in a bid to clean up [...]
Watchdog steps up probe into tech giants over digital ad dominance December 15, 2019 The competition watchdog is set to publish its initial findings into the dominance of tech giants in the digital ad market this week, paving the way for a possible in-depth investigation. In July the Competition and Markets Authority (CMA) launched a market study into Google and Facebook, amid concerns the so-called duopoly could be stifling [...]
Thames Water hires advisers on £12bn debt ahead of crucial Ofwat ruling December 14, 2019 Thames Water has hired restructuring experts from Gleacher Shacklock ahead of a crucial ruling from industry watchdog Ofwat. The UK’s biggest water supplier has called in the experts to advice on its £12bn pile of debt amid concern about the impact of a regulatory crackdown on its finances, according to Sky News. Read more: Thames [...]