Tesco profit overstatement: PwC faces double investigation by accountancy watchdog FRC December 22, 2014 The Financial Reporting Council (FRC), the regulator for the UK’s accountancy industry, yesterday announced it was launching two separate investigations into the activities of professional services giant PwC. The probes will look into the book-keeping role played by the Big Four accountant in recent scandals involving UK supermarket chain Tesco and banking monolith Barclays. In [...]
Tesco faces investigation by Financial Reporting Council over profit blackhole December 22, 2014 Tesco is facing an investigation by another City regulator over its auditing practices which have come under scrutiny following the revelation of a £263m profit blackhole. The Financial Reporting Council (FRC) will look at the “preparation, approval and audit” of Tesco’s financial statements for the last three financial years stretching back to 2012. The investigation will [...]
Watchdogs with City past wanted: FCA fines top £1.47bn as experience of executives called into question December 15, 2014 The City watchdog has issued over £1.47bn worth of fines to financial services firms so far this year, while issuing over 100 disciplinary measures such as bans. But, its critics say, it has done all this with an organisation that is lacking in commercial experience on its executive committee, its most senior board of full-time [...]
FCA chiefs Martin Wheatley and David Lawton cling on despite damning Davis report on insurance market fiasco December 10, 2014 City watchdog Martin Wheatley came in for criticism yesterday as the £3.8m Davis report on the regulator’s handling of media briefings was released to the public. The Financial Conduct Authority’s (FCA) chief executive will forgo his bonus for 2013-14 as a result of the findings, as will David Lawton, director of markets, Zitah McMillan, director [...]
Manchester City’s £200m City Football Academy development signals new holistic approach in pursuit of success December 10, 2014 In Manchester City’s annual report for the 2013-2014 season, chairman Khaldoon Al Mubarak professed that “we are never focused only on our men’s first team”. On Monday City officially revealed just how much attention it has been paying to other areas of the club with the opening of its new £200m youth development [...]
Watchdog to shame worst bank auditors December 1, 2014 THREE banks and three auditors have failed a set of tests set by the Financial Reporting Council (FRC), which reviewed their audits, it said today. The audit watchdog fears banks are failing to consistently measure and report loan-loss provisions. Four of the seven auditors reviewed have improved the quality of their work, making sure they [...]
City will snub Juncker’s masterplan, MEP warns November 26, 2014 A LONDON MEP has warned European president Jean-Claude Juncker that the City will snub his £250bn investment plan because investors are wary of government infrastructure projects. The claim follow’s Juncker’s announcement yesterday that the £250bn fund will be used to generate 15 times more investment from private companies, in a bid to kick-start Europe’s flagging [...]
Terra Firma appoints Blackstone for Four Seasons November 23, 2014 Terra Firma has hired Blackstone Group to look into “a number of financial and strategic matters” at its Four Seasons Health Care business, a source close to the company told City A.M. last night. The news follows rumours that Terra Firma, the British private equity giant owned by Guy Hands, is looking to break up [...]
Serco share price plummets after profit warning November 10, 2014 Outsourcing firm Serco sent share prices tumbling by almost 33 per cent yesterday, after issuing a profit warning and revealing that it was seeking to raise up to £550m with a rights issue in the first quarter of 2015. The company announced that its forecast profit for 2014 had been reduced by approximately £20m, [...]
Shell’s revenue dips after year of streamlining as Chad Holliday announced as new chairman October 30, 2014 Oil company Shell yesterday reported revenue of $108bn (£67bn) for the third quarter of 2014, down from $117bn in the same period of last year. Shell, which also announced yesterday the appointment of Charles Holliday as its new chairman, paid a third quarter dividend of $0.47 per share, up four per cent compared with [...]