UKLA endorsed by City as consultation winds up October 18, 2010 THE UK Listing Authority (UKLA) received backing from the City yesterday, just as the government consultation on its future closed. The Listing Authority Advisory Committee (LAAC), the body which represents the investment community in its dealings with the UKLA, said overall satisfaction with the authority had risen to 72 per cent compared to 69 per [...]
Big Four set to face the Lords October 17, 2010 THE HEADS of the Big Four auditors are likely to face an influential House of Lords committee next month, in a probe into the lack of competition in the audit market and the role the firms played in the financial crisis. Watchdogs including the Financial Services Council (FRC) have submitted papers to the Lords’ Economic [...]
City unites against UK listing proposal October 14, 2010 THE City has roundly rejected the government’s proposal to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) saying such a move would serve to fragment the regulation of the investment market and hurt investors and issuers. The proposal to merge the UKLA was put forward as part of the government’s consultation [...]
Second probe into E&Y over Lehman Brothers collapse October 4, 2010 THE accounting watchdog yesterday opened a second investigation into auditor Ernst & Young (E&Y) over its auditing of failed US investment bank Lehman Brothers. The probe will examine what E&Y told UK regulators about how Lehman Brothers was complying with client asset protection rules. “The Accountancy and Actuarial Discipline Board (AADB) has begun an investigation [...]
IoD slates regulation plan September 28, 2010 THE Institute of Directors (IoD) yesterday became the latest organisation to join the London Stock Exchange (LSE) in opposing the merger of the Financial Reporting Council and the UK Listing Authority (UKLA). In a statement, Miles Templeman, director-general of the IoD, said it made no “sense to leave the UKLA separate from the body [the [...]
Top 100 list shows women at senior level September 26, 2010 MORE than a fifth of Europe’s 100 most influential women sit at the top of some of the largest companies within the financial services sector, according to new findings. According to the fourth annual list of the 100 most influential women compiled by Financial News, more than 20 per cent of the listed women in [...]
Winterflood backs LSE on rules change September 26, 2010 CITY veteran Brian Winterflood has joined London Stock Exchange (LSE) chief executive Xavier Rolet’s call for the Square Mile to oppose the government’s proposed splitting up of the UK’s share listing regulations. According to an audience member at a Quoted Companies Alliance (QCA) dinner last Thursday, Winterflood gave an impassioned speech, calling on all those [...]
Pension funds back FRC code September 23, 2010 A RAFT of UK pension funds have come out in support of the Financial Reporting Council’s (FRC’s) new Stewardship Code. Eleven pension funds, collectively valued at £180bn, have banded together to back the new code, set out by the FRC in July. In a letter sent to the financial watchdog, the pension funds said they [...]
Cable wages war on British boardrooms September 21, 2010 VINCE Cable will today launch a scathing attack on British business, announcing a wide-ranging investigation into company takeovers, executive pay and corporate governance. The business secretary will use a keynote speech at the Liberal Democrat conference to wage war on large companies, promising to “shine a harsh light into the murky world of corporate behaviour”. [...]
Stewardship Code to face a final hurdle September 19, 2010 THE GOVERNMENT’S new best practice rules for shareholders face a crucial period this week, as the last batch of institutional investors declare their support for the guidelines. The Financial Services Authority (FSA) is also due to report on its two-month consultation into the Stewardship Code, which aims to help institutional shareholders keep a closer eye [...]