How does ‘Purposeful Capitalism’ influence risk management? August 23, 2017 Purposeful Capitalism describes an evolution of capitalism wherein the investment industry becomes more professional, ethical, and client-centric. The scenario detailed in the Future State of the Investment Profession study examines ways in which organisations may evolve with greater focus placed on transforming culture; the integration of environmental, social, and governance (ESG) factors; and their [...]
The gender retirement gap: Why women are more likely to fall into poverty in retirement August 14, 2017 “The retirement issue is the single largest issue we will be facing in the 21st century.” Diane Garnick told participants at the 2017 CFA Institute Wealth Management Conference in Nashville, Tennessee, USA that “when people do not save for retirement, they are in big trouble.” Advisers must be ready to address these concerns. “The big [...]
Ukraine’s central bank pulls plug on PwC bank audit rights over PrivatBank’s balance sheet hole July 20, 2017 The National Bank of Ukraine (NBU) announced today that it had pulled the plug on PwC’s domestic bank auditing rights, after it had failed to identify a $5bn (£3.9bn) balance-sheet hole at the country’s largest lender in previous audits. It comes after last December’s state takeover of PrivatBank by the NBU, in a move aimed [...]
BT and Rolls-Royce investigations: Auditors are not there to find fraud, says accounting body boss July 13, 2017 Accounting investigations into audit sign-offs of two British stalwarts are not a sign the profession is in crisis, a senior figure at the Institute of Chartered Accountants in England and Wales (ICAEW) said today. But Vernon Soare, the ICAEW’s chief operating officer, admitted there is an “expectation gap” over the role of the auditor. KPMG [...]
BorrowMyDoggy: The firm matching dogs with people who want to borrow them May 17, 2017 A dog is for life, not just for Christmas.” Not any more, thanks to Rikke Rosenlund, founder of BorrowMyDoggy. As we discovered at a recent Leap 100 breakfast, now a dog can just be for Christmas. Or even a weekend. Rosenlund came up with the idea for BorrowMyDoggy on a summer’s day in 2012, when [...]
WannaCry ransomware NHS cyber attack: A final warning for banks and fintech May 15, 2017 It was the most high profile cyber attack in some time, and one of the largest ever carried out. Governments, hospitals, companies and universities in over 150 countries were affected by the recent ‘WannaCry’ cyber attack, which affected more than 230,000 computers with ransomware and demanded bitcoin payments. Media coverage in the UK focused on [...]
Leaked Labour General Election manifesto reveals Jeremy Corbyn’s plans to renationalise railways, parts of the energy industry and Royal Mail May 10, 2017 Jeremy Corbyn plans to unveil a radical left-wing vision for Britain, including promises to renationalise industries and impose wage caps on companies, according to a leaked draft version of Labour’s General Election manifesto. Under the plan a Labour government would bring the railways, some energy firms, and Royal Mail back into public ownership, according to [...]
UK banks will get transitional period after Brexit to trade in Europe says ECB official March 22, 2017 The European Central Bank (ECB) has said London banks will be able to take advantage of a generous transition period after Brexit – provided they move a big chunk of operations within the EU’s borders. Sabine Lautenschlaeger, an influential member of the governing council of the ECB, said the banking supervisor “will not accept empty [...]
Sir Tim Barrow tells MPs Brexit negotiations will be unprecedented but everybody is prepared to get going March 20, 2017 The UK's ambassador to the EU told MPs today Brexit negotiations will be unprecedented, but he is confident everybody is prepared to stick to the two-year Article 50 timetable. Sir Tim Barrow also told the European Scrutiny Committee: The truth is, nobody has done this sort of negotiation before. A lot of the speculation [about how [...]
Now the legal eagles are urging the government to seek a bespoke Brexit agreement for the City, while warning a “no deal” situation would have serious consequences March 16, 2017 Legal eagles have today become the latest in a string of experts calling on the government to secure a bespoke deal for the financial sector in the Brexit negotiations. The report from the Bar Council warns London's status as a financial capital risks being "greatly diminished" if the country cannot find a suitable alternative for [...]