Co-operative Bank losses nearly treble as turnaround plan gets underway August 20, 2015 The figures Co-op Bank said it made a loss of £204.2m in the first half of 2015, up from a £77m loss in the same period last year, however this was slightly better than expected. The bank’s operating income slumped to £236.5m during this period, from £307.3m in the first half of 2014. This included losses [...]
Quindell share price plummets by a third on its first day of trading since June August 6, 2015 The share price of troubled insurance claims processor Quindell fell almost 40 per cent to 79p this morning as trading in the company's shares resumed for the first time since it suspended them in June. The news came the day after the the Serious Fraud Office (SFO) launched an investigation into the company, following a [...]
Quindell shares expected to resume trading tomorrow it reports £238m loss reported and restates previous year’s results amid FCA investigation August 5, 2015 Quindell shares are expected to resume trading tomorrow after more than a month of suspension from Aim, as it reported annual losses of £238m in the latest chapter in a tumultuous saga which has spurred a second investigation by a City regulator. An investigation by the Financial Reporting Council (FRC) has forced the company to restate [...]
Watchdog will open new RSA Ireland inquiry July 7, 2015 INSURER RSA is facing an external investigation over financial irregularities in its Irish business, which were uncovered in 2013. The Financial Reporting Council (FRC) announced yesterday that it has decided to investigate the conduct of certain individuals at RSA Ireland. An RSA spokesperson said: “This is not an investigation into RSA. The FRC’s remit is [...]
Better small company reporting is key to unlocking EU Capital Markets Union June 24, 2015 Smaller quoted companies are vital to generating long-term sustainable economic growth and creating jobs. Smaller enterprises have the capacity for dynamic growth, development of new markets and sustainable job creation. But how best to attract the capital they need to achieve their potential? The European Commission’s proposal for a Capital Markets Union has sought [...]
Co-operative Bank warns on regulatory action from FRC and PRA June 23, 2015 The Co-operative Bank warned today that UK regulators are likely to "make findings against" following an 18-month investigation. Read more: Co-op Bank says it is on track to meet Bank of England targets The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have indicated they are likely to "commence formal settlement discussions" in [...]
Retailers’ relationships with suppliers go under the microscope in wake of Tesco profit overstatement May 29, 2015 The relationship between grocers and their suppliers will go under the microscope next year, as regulators attempt to stamp out the sort of behaviour that led to Tesco overstating its profits by £263m. The Financial Reporting Council, which monitors auditing and accountancy in the UK, said it would spend next year paying particular attention [...]
Deloitte and its partner reduce fines in MG case April 13, 2015 THE FINANCIAL Reporting Council (FRC) reduced sanctions on accountancy firm Deloitte and its former partner Maghsoud Einollahi yesterday after the duo’s successful appeal regarding the collapse of MG Rover in 2005. An appeal hearing in January overturned eight of the FRC tribunal’s 13 findings of misconduct and disregarding public interest from 2013. Upon review of the appeal, [...]
Deloitte fine over MG Rover case reduced to £3m after appeal tribunal April 13, 2015 Deloitte has been fined £3m by a City watchdog over failures in the lead-up to the collapse of MG Rover a decade ago. The penalty is a significant reduction on an initial fine imposed last year, following an appeal by Deloitte and former partner at the firm Maghsoud Einollahi, the advisers who worked on MG Rover's sale [...]
KPMG and chief operating officer fined over ethical standards breach February 3, 2015 KPMG and its chief operating officer James Marsh have been fined by the Financial Reporting Council for breaching ethical standards The auditing firm and its executive were taken to tribunal over Marsh's failure to sell shares in Cable and Wireless Worldwide when he became a partner of KPMG in 2011. The telecoms giant, [...]