Report into audit sector commissioned by John McDonnell calls for break-up of Big Four December 14, 2018 A report into the audit sector commissioned by shadow chancellor John McDonnell has called for the break-up of the Big Four audit firms. The report, published today, recommended that the audit business of accounting firms must be legally separate from everything else and says it should be a criminal offence for auditors to perform non-audit [...]
Mark Kleinman: Come in Houston, just as UK audit reforms bite December 14, 2018 Talk about a hospital pass. Richard Houston, Deloitte’s consulting chief, might be forgiven for feeling a bit like Theresa May this week. Houston’s is the solitary name on a ballot open to partners at the Big Four accountancy firm’s UK operation as it seeks to elect a successor to David Sproul, its chief executive for [...]
Competition and Markets Authority to recommend market share cap for Big Four audit firms December 13, 2018 The UK's top four audit firms are facing a market share cap to encourage competition from smaller companies as the sector comes under increased scrutiny following a number of high profile corporate collapses. The Competition and Markets Authority (CMA) is expected to recommend a limit on the number of large listed companies that the so-called Big [...]
CMA orders shake-up of pension advice market due to lack of competition December 12, 2018 Pension scheme members are at risk of getting a bad deal due to a lack of competition in the pension advice market, according to the Competition and Markets Authority (CMA). The CMA said today that pension trustees, who oversee companies’ pension schemes, are not given sufficient information to help them choose advisers. The report found [...]
Sainsbury’s share price under pressure as it asks for more time on Asda merger probe December 12, 2018 Sainsbury’s has seen its share price tumble five per cent so far today, after it joined Asda in appealing to the courts for more time to argue its case over a planned £15bn merger between the two supermarkets. Both grocers said this morning that they have lodged a request to review the timetable and process of [...]
Focus On Pimlico: This central spot is the perfect place to pick up a period conversion flat and benefit from the re-development of Victoria December 11, 2018 In London, you often have to make the choice, whether to live in a traditional part of town that’s earned its towering house prices, but isn’t likely to soar again anytime soon; or take a punt on an up-and-coming part of town that’s better value and has the potential for price growth. Luckily, with Pimlico, [...]
Competition watchdog launches probe into Ebay’s acquisition of Motors.co.uk December 11, 2018 Ebay's proposed acquisition of car search business Motors.co.uk is to undergo an investigation by the Competition and Markets Authority (CMA), it was announced this morning. The CMA said it is considering whether the move, which would see Ebay merge Motors.co.uk with its other consumer-facing business Gumtree Motors, may result in a "substantial lessening" of competition [...]
City watchdog proposes clampdown on high risk spread betting instruments December 7, 2018 City watchdog the Financial Conduct Authority (FCA) has today proposed a clampdown on the sale of certain risky financial instruments to retail customers, in a move that could hit the already struggling spreadbetting sector hard. The FCA proposed a ban on the sale, marketing and distribution of binary options to retail customers and a restriction [...]
Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
Watchdog to launch in-depth probe into Paypal’s iZettle takeover December 5, 2018 The UK’s competition watchdog plans to launch an in-depth investigation into PayPal’s takeover of iZettle amid fears it could drive up prices for customers. The Competition and Markets Authority (CMA) said it is concerned the deal could negatively impact future competition for mobile payment services, which it said could result in higher prices or lower quality service [...]