Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]
Big four accountants warned by FRC to improve on audits September 13, 2010 THE FOUR largest accountancy firms need to improve the quality of audit services, a body within the Financial Reporting Council (FRC) has warned. A report into the auditing practices of the “big four” accountancy firms, including Deloitte, Ernst & Young, PricewaterhouseCoopers (PwC) and KPMG, found that in three cases KPMG had signed off on audits [...]
City fears new listing rules September 12, 2010 GOVERNMENT proposals to place the UK Listing Authority (UKLA) under the control of the Financial Reporting Council (FRC) rather than the Consumer Protection and Markets Authority (CMPA) are causing concern in the City, with some warning that the new system will make London less competitive. The London Stock Exchange (LSE) is believed to be lobbying [...]
Lesley Knox takes chair at Grosvenor July 20, 2010 LESLEY Knox, one of only two female chairmen at FTSE 100 firms, yesterday added another prestigious role to her CV as chairman of Grosvenor, the Duke of Westminster’s property firm. Grosvenor said its current chair, Lord (David) Home, plans to retire as a trustee of the company and from the board at the end of [...]
Companies: forget re-elections July 18, 2010 Companies are being urged to ignore guidelines that require them to annually re-elect board members. Three of the UK’s biggest investors – Hermes, Railpen and the Universities Superannuation Scheme – have written to 700 companies urging them not to comply. In the letter, they warn that annual election of directors can undermine collective decision making [...]
Redstone fined £630K by FSA July 15, 2010 REDSTONE Mortgages has received a £630,000 fine from the Financial Services Authority (FSA) for failing to treat customers facing mortgage arrears fairly. The FSA said yesterday the fine, which could have been as high as £900,000 if the sub-prime lender had not co-operated with the regulator, was handed to Redstone for “a number of serious [...]
New code pressures investors to engage July 1, 2010 SHAREHOLDERS will have to take more responsibility for the companies they invest following today’s publication of the first ever Stewardship Code by the Financial Reporting Council (FRC). The new code aims to create more transparency about how investors oversee the companies they own. FRC chairman Baroness Hogg said she hoped the new code would be [...]
WHAT DOES THE NEW CODE MEAN? July 1, 2010 Q.What is the Stewardship Code? A.The Stewardship Code, the first of its kind for the Financial Reporting Council (FRC), seeks to create greater transparency around the way investors oversee the companies they own by encouraging better dialogue between shareholders and company boards. Q.what does the frc hope to achieve? A.The FRC hopes that the new [...]
Accountants back report by regulators June 30, 2010 ACCOUNTANTS say they are willing to consider whether the current audit model needs to evolve to meet changing market needs, following a recent report by the Financial Services Authority (FSA) saying that the profession had not been sceptical enough about the financial firms it audited in the run up to the banking crisis. The City [...]