Mark Kleinman: Financial Reporting Council must offer clarity on Haddrill’s future November 2, 2018 The 900 UK partners at PwC were unable to deduce much from a voicemail left for them this week by their boss, Kevin Ellis, about its plans for the future of the UK audit market. His message was “very top-level”, according to one person who heard it: the details of its blueprint, submitted to the [...]
End Big Four dominance using French-style joint audits, watchdog told November 1, 2018 Regulators should consider introducing a French-style joint audit system to break the Big Four’s stranglehold on the top end of the market, the industry body said yesterday. Responding to a fast-moving review of Britain’s audit sector, the Institute of Chartered Accountants in England and Wales (ICAEW) warned the Competition and Markets Authority (CMA) of the [...]
Competition watchdog gives clearance for CME’s purchase of NEX Group October 31, 2018 The UK's competition watchdog has approved the $5.5bn (£4.31bn) acquisition of London-based financial exchange group Nex by US derivatives marketplace CME. The Competition and Markets Authority (CMA) announced today it will not refer the merger for an in-depth investigation, after it had launched an inquiry in mid-September. CME's share price edged 0.8 per cent higher following [...]
Financial Conduct Authority probes home and motor insurance prices October 31, 2018 The Financial Conduct Authority (FCA) today launched a probe into pricing practices in the insurance market. The regulator is concerned about potential consumer harm, particularly the impact of industry pricing practices on vulnerable people, where some groups of people face far higher prices than other groups. It will also examine the fairness of pricing and [...]
Big Four accountant EY admits need for improved audit standards as UK revenues rise October 29, 2018 Accounting giant EY has said that standards must improve in the audit sector and welcomed an investigation by the Competition and Markets Authority into the scrutinised sector, as it reported increased UK revenue today. The figures EY’s fee income, equivalent to revenue, grew 2.7 per cent to £2.41bn for the financial year ending June. EY’s partners will [...]
The ASA watchdog is regulating the Wild West of online marketing and advertising October 29, 2018 It goes without saying that the web has revolutionised the global economy. As a source of knowledge and information, as well as a marketplace for trade, it has created jobs, fuelled innovation, and accelerated productivity (well, it has when we’re not browsing Twitter or watching Netflix). The internet has also changed advertising. The digitisation of [...]
BDO extends lead as top junior market auditor October 29, 2018 BDO, the UK’s sixth-largest audit firm, has hugely extended its lead as the UK’s top auditor of mid-size, Alternative Investment Market (Aim)-listed firms – more than quadrupling the gap between it and second-placed KPMG in the past half a year. New data from Adviser Rankings shows BDO now has 149 Aim-listed clients, 23 more than [...]
Asda considers up to 2,500 job cuts as CMA probes Sainsbury’s merger October 26, 2018 Asda has said that it will begin consultations with staff over changes that could lead to a reported loss of up to 2,500 jobs next year. The news, first reported by the Press Association, comes as the Competition and Markets Authority (CMA) conducts a second stage investigation into the proposed takeover of the supermarket by [...]
Heathrow hits record 60m passengers but profits fall on security costs October 26, 2018 Heathrow Airport served a record 60.5m passengers in the first nine months of 2018 but suffered a drop in profit on increased security costs. Pre-tax profit fell 7.4 per cent in the nine months to 30 September to £212m from £229m. Revenue climbed 2.3 per cent to £2.211bn, however operational charges increased with investments to [...]
Don’t let national security fears risk closing Britain for business October 26, 2018 The UK government’s National Security and Investment consultation, which closed last week, has an aim that is not just laudable, but essential. The government is seeking to protect vital national assets, whether emerging technology or critical infrastructure, from falling into the wrong hands – from organised crime groups to rogue states to certain major powers. [...]