Concerns rise over break in performance related pay for bankers, as firms stuggle to balance risk and rewards February 1, 2016 Financial services firms around the world have continue to wean staff off bonuses and onto fixed salaries throughout 2015, raising concerns banks are unable to properly penalise misconduct. The report, by consultancy Mercer, found that the financial industry is struggling to balance rewards for taking positive risks with sanctions against rule breaking. Dirk Vink, a [...]
FCA and PRA confirm they will investigate former HBOS senior managers January 28, 2016 The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have confirmed they will start investigations into "certain former HBOS senior managers", after the bank collapsed in 2008. The news comes just over two months after a landmark report recommended the regulators re-assess their decision not to launch criminal proceedings against former HBOS bosses, including [...]
The amount of equity withdrawn by remortgaging properties reached £837m in December 2015, while equity release lending hit £1.61bn in 2015 January 26, 2016 Equity release activity became frenzied in the later months of last year, with both equity withdrawn by remortgaging properties and total equity release lending levels reaching dizzying heights. According to figures released today by Legal Marketing Services (LMS), a total of £837m was extracted from properties through remortgaging in December 2015, up 32 per cent compared to £635m in December [...]
EU referendum: Virgin Money chief executive Jayne-Anne Gadhia says Brexit would lead to fewer jobs and less prosperity January 24, 2016 Virgin Money chief executive Jayne-Anne Gadhia became the latest big business boss to wade in the European Union debate over the weekend when she came out in favour of the UK remaining in the EU. Gadhia said that while she "could see benefits of not being subject to all the bureaucracy of Europe", remaining in the EU would [...]
Financial Reporting Council confirms plans to investigate KPMG over Hbos handling January 21, 2016 The Financial Reporting Council (FRC) has confirmed plans to launch an investigation into KPMG and its handling of Hbos’ accounts today. In a statement this morning, the regulator said it had asked its executive counsel to undertake preliminary enquiries under the accountancy scheme, the disciplinary scheme for members of the accounting profession. The FRC will examine [...]
Accounting watchdog meeting to decide on KPMG investigation into the auditor’s role over HBOS collapse January 18, 2016 The accountancy watchdog could decide as soon as tomorrow whether to launch a formal investigation into the role of big four accountancy giant KPMG in the collapse of HBOS in 2008. The Financial Reporting Council’s (FRC) conduct committee is set to meet tomorrow to make its decision, Sky News has reported. The conduct committee will [...]
Corporate governance standards among UK companies stay high, as regulator says its code will not be substantially amended for the next three years January 14, 2016 The overall quality of corporate governance among UK companies remains high, as the regulator vows not to make any major changes to its code for the next three years. According to a report published today by the Financial Reporting Council (FRC), 90 per cent of FTSE 350 companies are complying with all but one or [...]
HMRC is “worse than private companies” as it ranks bottom of list of government and private debt collectors January 8, 2016 Think payday lenders are bad? Meet Her Majesty's Revenue and Customs (HMRC)… HMRC has been ranked bottom of a list of government departments and private companies when it comes to collecting debt, a new report has warned. A report by Citizens Advice found evidence of poor practice by the government, "including a lack of consideration given to whether people [...]
Grant Thornton subject of Financial Reporting Council investigation over its audit of Globo’s accounts December 21, 2015 The Financial Reporting Council (FRC) has today revealed that it is launching an investigation into accountancy firm Grant Thornton regarding its audit of the accounts of Globo for the years ended December 2013 and 2014. The technology company announced in October that its former chief executive had alerted the board to misrepresentations of the company's financial situation. [...]
From Ed Miliband to Martin Winterkorn: These are 2015’s biggest people moves December 18, 2015 From politicos to business nerds, it's been a busy year for people-watchers of all ilks, as the mighty fell. Whether you were more interested in the surprise departure of Barclays chief executive Antony Jenkins, or the many u-turns of Ukip leader Nigel Farage, here are the biggest people moves this year. 1. Mack the Knife's reign [...]