Second administrator appointed to untangle the complex web of companies surrounding BHS July 25, 2016 A second administrator has been appointed to investigate the complex web of companies surrounding BHS. FRP Advisory were appointed joint administrators to Duff & Phelps on Friday. City A.M. understands that the firm will be looking at the transactions made between the companies connected with BHS to determine if any assets transacted were undervalued. Read more: Here are [...]
Sir Philip Green leadership failure and personal greed led to collapse of BHS, MPs say July 25, 2016 Sir Philip Green is ultimately responsible for the failure of BHS, according to senior MPs who today publish the findings of a parliamentary inquiry in the retailer's collapse. The joint inquiry by the work and pensions select committee and the business, innovation and skills select committee found that Green's family became "incredibly wealthy" during their [...]
Embrace culture to boost your business, new report tells the boardroom July 20, 2016 Boardrooms need to focus their efforts on instilling the right culture to protect their business interests and boost their bottom lines, a report out today argues. Based on discussions with chairmen, chief executives, investors and stakeholders, the research from the Financial Reporting Council (FRC) made seven key observations which needed to be acknowledged to improve [...]
First May, now this lot: HR professional body wants executive pay to be linked to culture July 13, 2016 Shortly after incoming Prime Minister Theresa May expressed her views on curbing reward at the top, the body for HR professionals is today calling for executive pay to be linked to culture. In a new report on company culture, the Chartered Institute of Personnel and Development (CIPD) has called for remuneration committees to be better empowered and [...]
MPs want the investigation into PwC’s audit of BHS to be extended July 6, 2016 MPs inquiring into the demise of BHS want the investigation of PwC's audit of the company's accounts to be extended. The Financial Reporting Council's (FRC) investigation is looking into PwC's conduct in auditing BHS' accounts in the year ending August 2014, but Frank Field MP, chair of the Work and Pensions committee and Iain Wright MP, chair of the Business and [...]
Angela Merkel will not drop opposition to breaking EU bank rescue rules as trouble in Italian banking sector continues July 4, 2016 German chancellor Angela Merkel will not back down on opposing the breaking of EU bank rescue rules as the Italian banking crisis continues. When asked about plans to rescue the banking sector, the German finance ministry spokesperson, Martin Jäger, said Germany stands by its position that was declared last week at the EU Council meeting, [...]
Accounting watchdog announces investigation into KPMG over HBOS June 27, 2016 The accountancy watchdog has launched an investigation into KPMG over its audit of HBOS. Specifically, the Financial Reporting Council (FRC) is looking into the conduct of KPMG Audit relating to its audit of HBOS for the year ended 31 December 2007. In 2008, HBOS collapsed and needed to be bailed out by Lloyds, shortly after the [...]
Accounting watchdog announces investigation into PwC over BHS audit June 27, 2016 The watchdog for the accountancy industry has today announced it will launch an investigation into PwC over BHS. The Financial Reporting Council (FRC) said it will take a closer look at the professional services firm's audit of the retailer for the year ended 30 August 2014. A PwC spokesperson said: "We will co-operate fully with the FRC in its [...]
Accounting watchdog set to announce verdict of probe into KPMG’s HBOS audit June 26, 2016 The accounting watchdog is set to announce the verdict of its probe into KPMG’s audit of collapsed bank HBOS on Monday. The Financial Reporting Council (FRC) met last week to consider the outcome of preliminary enquiries. Read more: FCA confirms it will investigate former HBOS bosses The body said on Thursday that its conduct committee [...]
None of the alternatives are better than single market, non-EU business groups warn June 15, 2016 Business groups from across the world have warned that the UK's current access to the single market beats all alternatives. In a report issued by the Confederation of British Industry, groups representing firms in Albania, Norway, Switzerland and Canada – all cited by Leave campaigners as models for potential alternatives – have said the UK [...]