Consumers could face higher prices after Paypal’s $2.2bn iZettle merger, watchdog warns November 26, 2018 Paypal’s $2.2bn (£1.7bn) takeover of mobile payment company iZettle could drive up prices for customers, the UK competition watchdog has said. The merger between the technology giant and the Swedish startup could also result in a lower quality of service, found the Competition and Markets Authority (CMA), which published its decision today. If Paypal hadn't launched a [...]
Boss says BDO still on the lookout for deals as it confirms ‘advanced’ merger talks with Moore Stephens November 26, 2018 The managing partner of BDO said the firm is still on the lookout for further mergers and acquisitions, after it confirmed plans to join forces with audit sector rival Moore Stephens. The firms have confirmed they are in “advanced” merger talks, which they say would “improve competition and quality” at the top end of the audit [...]
BDO and Moore Stephens merger will create Britain’s fifth-largest accountancy firm November 25, 2018 BDO is preparing to merge with smaller accountancy rival Moore Stephens, in a move that will create a new fifth-largest auditor in the UK, bumping Grant Thornton off the spot. Partners at BDO, which currently holds the number six position, has approved a merger with Moore Stephens, currently the ninth-largest professional services firm in Britain, [...]
Breaking up is hard to do, so why not put a ring on audit? November 23, 2018 Never have there been more eyes on audit. Sir John Kingman is examining the Financial Reporting Council and how audit can best be regulated. The Competition and Markets Authority is investigating competition and choice in the listed audit market. The BEIS Select Committee announced last week that it too will scrutinise audit, and the Audit [...]
KPMG faces tribunal for its work for mattress firm Silentnight November 22, 2018 Audit firm KPMG and one of its partners face a tribunal over work for mattress firm Silentnight, the accountancy watchdog said today. The Financial Reporting Council (FRC) today delivered a formal complaint against the firm and restructuring partner David Costley-Wood. The FRC alleged that KPMG and Costley-Wood acted for Silentnight “in circumstances where their professional judgment [...]
PPI claims surge against CYBG to push bank to a £145m loss November 20, 2018 Clydesdale Bank owner CYBG's share price fell more than 13 per cent today as a fresh raft of PPI claims pushed it to a £145m loss in its full-year results. The figures CYBG fell to the £145m loss after taking a £352m hit for PPI costs and £44m for other legacy conduct issues. A Financial Conduct [...]
Competition and Markets Authority launches probe into bond market November 18, 2018 The UK’s competition watchdog has launched an investigation into a suspected financial services cartel in the bond market. The Competition and Markets Authority (CMA) said on Friday that it had launched a probe into alleged anti-competitive activity under Chapter One of the Competition Act 1998, which addresses price fixing and attempts to control markets. The [...]
CMA launches investigation into suspected financial services cartel November 16, 2018 The UK’s competition watchdog has launched an investigation into a possible financial services cartel, it announced today. The Competition and Markets Authority (CMA) said its probe into the alleged anti-competitive activity was launched under Chapter One of the Competition Act 1998, which addresses price fixing and attempts to control markets. The statement gave little detail [...]
Asset managers back Big Four audit firms in competition watchdog consultation November 15, 2018 Investment management firms have called on the competition watchdog to ensure the quality of audit is not affected as it probes the dominance of the so-called Big Four firms. In a response to the Competition and Markets Authority Standard Life said the division of the dominant audit firms – PwC, Deloitte, KPMG and EY – [...]
PwC offers muted support for audit market caps and increased oversight November 15, 2018 Britain’s biggest auditor has offered equivocal backing to a range of sector reforms, including a cap on market share for firms and more independent oversight of audit appointments. PricewaterhouseCoopers (PwC), the largest of Britain’s Big Four auditors, told the Competition and Markets Authority (CMA) a limit on the number of top firms any single auditor [...]