KPMG in firing line over HBOS as MPs call for investigation December 14, 2015 MPs are calling for accountancy giant KPMG to be investigated for its role in the collapse of HBOS, branding its auditing practices a failure. Andrew Tyrie, chairman of the influential Treasury Select Committee, is urging the accountancy regulator, the Financial Reporting Council (FRC), to reconsider the need for a probe into the “big four” accountant. Tyrie [...]
Two top financial regulators to be grilled by MPs over the collapse of HBOS December 8, 2015 Two of the City of London's top financial regulators are to be grilled by MPs next Tuesday over their report into the failure of HBOS. The House of Commons Treasury Select Committee will question Andrew Bailey, the Prudential Regulation Authority's (PRA) chief executive and Sir Brian Pomeroy, a non-executive Financial Conduct Authority (FCA) director. The [...]
Almost half of firms failing to meet corporate governance standards, and not enough attention being paid to culture and values December 7, 2015 Almost half of FTSE 350 companies failed to measure up to all the standards in the Financial Reporting Council’s (FRC) UK Corporate Governance Code. In a report out today by professional services firm Grant Thornton, only 57 per cent of the 312 FTSE 350 companies with years ending between June 2014 and June 2015 studied [...]
City Moves for 3 November 2015 | Who’s switching jobs November 2, 2015 WRAGGE LAWRENCE GRAHAM & CO The law firm has announced the appointment of Andrew Warren as business development director. He joins from DLA Piper, where he worked for 17 years, most recently as head of marketing operations. RATHBONE INVESTMENT MANAGEMENT The investment management firm has appointed Natalie Merrens as head of investment solutions for its [...]
PwC to be investigated over audit of collapsed company Connaught October 12, 2015 The Financial Reporting Council (FRC) has decided to act on complaints against accountancy giant PwC and its senior statutory auditor Stephen Harrison over the auditing of social housing maintenance firm Connaught. Connaught went into administration in September 2010. The FRC's report accuses the company and the account's lead audit partner Stephen Harrison, who retired in summer 2010, of "fail[ing] to [...]
PwC to be investigated over audit of collapsed company Connaught October 12, 2015 * caption could read: Connaught's property management arm, which maintained social housing, went into administration The Financial Reporting Council (FRC) has decided to act on complaints against PwC and its senior statutory auditor Stephen Harrison over Connaught's auditing. Connaught is the social housing maintenance firm that went into administration in September 2010 and it is “alleged that [...]
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 [...]