UK fraud office ends Autonomy accounts probe January 19, 2015 THE BATTLE between Hewlett-Packard (HP) and the former executives of UK-based software company Autonomy took another turn yesterday as the Serious Fraud Office (SFO) closed its probe into the firm saying there wasn’t enough evidence for a conviction. Autonomy, then a darling of the UK’s technology startup community, was sold to HP for $11.7bn (£7.7bn) [...]
HP vs Autonomy: “Insufficient evidence” to convict, says Serious Fraud Office January 19, 2015 More news on the epic battle between Hewlett-Packard (HP) and UK-based software company Autonomy. The Serious Fraud Office (SFO) said today it has closed its investigation into the British company, despite accusations from HP that it had committed accounting fraud. Autonomy, then a darling of the UK's technology startup community, was sold to HP for [...]
New Quindell deputy chairman Jim Sutcliffe to step down from the Financial Reporting Council January 16, 2015 New Quindell deputy chairman Jim Sutcliffe will step down from his role as chairman of the Financial Reporting Council's (FRC) codes and standards committee "with immediate effect", the organisation said today. Sutcliffe was appointed as Quindell's new deputy chairman earlier this week, causing its shares to rise more than 26 per cent. But the troubled [...]
The City is not safe in the EU – and the situation is only set to get worse January 14, 2015 Self-delusion seems to be spreading. First the CityUK’s Chris Cummings, in an article in last Tuesday’s City A.M., appeals for the City of London to lead EU reform. Next, Labour’s Douglas Alexander takes up the call in Monday’s Evening Standard. “It has”, he informs us, “been Britain’s stated policy objective for the past 30 years [...]
Treasury director Alison Cottrell hired as chief executive of the Banking Standards Review Council January 13, 2015 Treasury director Alison Cottrell yesterday accepted the challenge of improving bankers’ culture, as she was appointed chief executive of the Banking Standards Review Council (BSRC). Bank bosses have tried to change culture by setting a better tone from the top, but have struggled to get their message heard. For instance, the City watchdog discovered bank traders [...]
Angela Merkel and Syriza are about to open Pandora’s box: Watch out, Eurozone January 11, 2015 It is not often that I feel sorry for German Chancellor Angela Merkel. Having lived in her country since 2006, for me she is the most overrated of modern politicians, having accomplished almost nothing in terms of substantive policy achievements, while somehow being lionised for her lack of ambition. She is the archetype of this [...]
Why it’s time boards faced up to the corporate culture challenge January 11, 2015 CULTURE in UK business came under the spotlight in 2014, as executive remuneration, market manipulation, supplier arrangements and so on drew comment and criticism. Where does the responsibility lie for ensuring ethical corporate behaviour, and who is accountable when culture is found to be at fault? The Financial Reporting Council’s (FRC) 2014 revision of the [...]
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 [...]