Flybe collapse: Passengers told not to travel as 2,000 jobs at risk March 5, 2020 British airline Flybe has collapsed into administration to leave 2,000 jobs at risk after it failed in its bid to secure a £100m government loan. The budget regional carrier blamed 2020’s coronavirus outbreak for draining customer demand for flights, and warned passengers not to travel to airports. Administrator EY has taken charge of the business [...]
City of London braces for coronavirus: Banks, insurers and audit firms activate contingency plans March 5, 2020 With health secretary Matt Hancock warning that the UK should prepare for “widespread transmission” of coronavirus, City of London firms have braced for impact. Banks, insurers, law firms and accountancy giants have dusted off contingency plans, instituted travel bans and cancelled events to try and mitigate the effects of the coronavirus outbreak. HSBC and Deloitte [...]
EY strengthens tax controversy and risk management team with five key appointments March 3, 2020 EY has announced the arrival of five key appointments to its tax controversy and risk management team, expanding its tax litigation and corporate crime service offerings to clients. The new arrivals are all practicing solicitors. James Wilson, EY Partner and head of the Tax Controversy and Risk Management team comments: “We’re delighted to welcome these [...]
Brexit and international trade policy leader joins EY’s trade team March 2, 2020 EY has strengthened its International Trade and Brexit team with the key appointment of leading global trade specialist, Sally Jones. Specialising in trade policy, from both a global and Brexit perspective, Sally joins EY as partner and trade policy leader, having previously worked at Big Four competitor, Deloitte. Sally has worked with clients across multiple industries [...]
Big Four continue to dominate FTSE 100 despite growing pressure March 2, 2020 The dominance of the Big Four serving the FTSE 100 continued in the first quarter despite growing regulatory pressure. The Big Four were the only auditing firms to serve the FTSE 100 last quarter with PwC retaining the top spot with 27 clients, closely followed by KPMG’s 26. Deloitte and EY served 25 and 22 [...]
The cost of the UK’s 2021 Immigration system to Financial Services February 28, 2020 Recent research by IPPR suggests that 38% of EU workers currently employed in UK Financial Services (FS) firms would not be considered eligible under the UK’s new immigration system. The analysis also found that the rules disproportionately impact the immigration of EU women. Triggered by Brexit, the UK’s immigration system is going through its biggest [...]
UK house prices grow at fastest rate for 18 months in February February 28, 2020 UK house prices grew at their fastest rate since July 2018 in February, according to Nationwide figures released today. February’s annual rise of 2.3 per cent, up from 1.9 per cent in January, was UK house prices’ strongest rate of growth in 18 months. That left the average UK house price at £216,092, up from [...]
FRC tells Big Four auditors to accelerate break-up plan February 27, 2020 The Financial Reporting Council (FRC) has told the Big Four to accelerate the ring-fencing of their audit businesses by strengthening independent governance and improving financial transparency. The regulator wrote to Deloitte, EY, KPMG and PwC this week to set out details of the ‘operational separation’ blueprint, according to Sky News. The FRC is reported to [...]
Police raid offices of Dutch bank ABN Amro in connection with cum-ex scandal February 27, 2020 German authorities today confirmed a raid on the Frankfurt office of Dutch bank ABN Amro in relation to the the cum-ex dividend stripping scandal that has rocked the European financial sector. “We can confirm that we are carrying out measures at ABN Amro in Frankfurt within the cum-ex context,” a spokesperson for the Cologne state [...]
Apple receives bloody nose over Chinese censorship policies February 26, 2020 Apple’s shareholders today launched an unsuccessful proposal critical of the firm’s removal of apps at the request of the Chinese government, despite garnering two-fifths of investors’ support. The proposal drew a much higher proportion of votes than similar proposals in previous years which had gained support only in single-digit percentages. The bid had called on [...]