Big Four’s legal ventures could see surge in law firm IPOs, DWF chief says December 8, 2022 The Big Four’s efforts to bolster their legal businesses could lead to a surge in the number of UK law firms listing on the stock exchange, DWF chief Sir Nigel Knowles told City A.M. EY’s global split could see the firm become an “aggressive” legal services behemoth, as it is freed from the conflict-of-interest rules [...]
KPMG’s UK business fined over widespread exam cheating scandal December 8, 2022 The USA’s accounting watchdog has fined KPMG $7.7m (£6.3m) and sanctioned four of its auditors over a series of international offences, including its failure to properly deal with a widespread UK cheating scandal. The watchdog claimed hundreds of KPMG’s UK staff cheated on exams, including the tests auditors are required to pass to maintain their [...]
M&A slumps as UK dealmakers sit out rocky markets December 6, 2022 Mergers and acquisitions in the UK have slumped back to pre-pandemic levels this year as dealmakers play the waiting game amid wild swings on the markets, official figures have revealed. A total of 459 domestic and cross-border deals were completed in the third quarter of the year, nine down on the previous quarter and 159 [...]
PwC seeks to bolster top ranks by poaching partners from Big Four rivals December 4, 2022 PwC is seeking to bolster its top ranks by poaching partners from its Big Four rivals. The accounting firm is hoping to hire up to 500 new partners with expertise in tax, cloud services, financial crime, and ESG advice, the Financial Times first reported. In doing so, PwC is seeking to take advantage of discontent [...]
BDO partners see payouts drop following £70m hiring spree November 30, 2022 BDO’s managing partner today said the firm will continue investing in long-term growth after partners saw their payouts drop 15 per cent as the result of a £70m spending spree. Speaking to City A.M. Paul Eagland also refused to rule out a firm-wide split as he signaled BDO may follow EY in separating its audit [...]
UK motor insurers to make largest annual loss in a decade due to inflation November 25, 2022 The UK motor insurance sector is set to make the largest annual loss in over a decade as a result of inflationary pressures. Analysis published today by EY has forecast that net combined ratios will reach 115 per cent this year – the worst year since 2010 – going down slightly to 114 per cent [...]
EY split could undermine audit quality, former partners warn November 17, 2022 More than 150 former EY partners have written a letter to the accounting firm’s board, warning its plans to split in two could weaken both segments of the business and undermine EY’s audit quality. The ex-EY partners noted the firm’s new standalone audit business – AssureCo – will have “significantly lower” earnings than its advisory [...]
Government slashes bank surcharge in boost for the City November 17, 2022 The government has slashed a surcharge on bank profits to three per cent today in a bid to keep the UK's finance industry internationally competitive.
HMRC sues EY following dispute over property tycoon’s tax affairs November 15, 2022 HMRC has filed a High Court lawsuit against EY over alleged misrepresentations to the UK tax authority in relation to British property investor Jamie Ritblat’s tax affairs. The case relates to a broader dispute between HMRC and the Tory donor over taxes on £141m in profits from Ritblat’s Delancey property investment firm, the Financial Times [...]
Workers’ real pay erodes at historic pace despite huge wage rises November 15, 2022 Workers’ pay is still being eroded at a historic pace by rampant inflation despite employers hiking wages by one of the greatest amounts since records began, official figures revealed today. When taking off the Office for National Statistics’ (ONS) preferred measure of inflation, pay excluding bonuses dropped 2.7 per cent over the last three months, [...]