The unlawful EU financial transaction tax should rightfully be abandoned September 11, 2013 YOU DON’T often hear people praising lawyers. But this week, many across Europe will be singing from their hymn sheet, following a leaked opinion by the Legal Service of the Council of the EU (CLS). A CLS report has concluded that key elements of the proposed EU financial transaction tax (FTT) are unlawful. The question [...]
Deloitte hit by record fine for MG Rover work September 9, 2013 DELOITTE has been fined a record-breaking £14m and slapped with its first ever severe reprimand from the accountancy watchdog for failing to manage conflicts of interest when advising MG Rover and its owners. An independent tribunal for the Financial Reporting Council agreed with 13 allegations of misconduct in Deloitte’s role in the run-up to the [...]
Regulator fines Deloitte £14m over MG Rover fiasco September 9, 2013 Regulators have issued Deloitte a £14m fine and a severe reprimand for matters relating to their role as advisers to MG Rover during its collapse in 2005 (release). The accountancy firm advised four of Rover's directors – the Phoenix Four – who had taken over the company for £10m five years before its collapse. Mr [...]
Transparency over the true cost of investment is more vital than ever August 26, 2013 MARK Carney has been lauded by homeowners for giving forward projections on interest rates, now set to deliver record low mortgage bills for the forseeable future. Yet after four years of 0.5 per cent interest rates, many will see forward guidance as the final nail in the coffin for cash-based savings. There is already strong [...]
What the other papers say this morning – 21 August 2013 August 20, 2013 FINANCIAL TIMES Investment bank hiring uptick Investment banks including Nomura, Citigroup and Bank of America have started hiring dealmakers and traders in Europe in a sign that recruitment is picking up following a two-year cull that saw thousands of bankers lose their jobs. Recruiters say they are at their busiest since 2010 as banks add [...]
What the other papers say this morning – 16 August 2013 August 15, 2013 FINANCIAL TIMES UK state-owned bank builds brand The UK’s state-owned “zombie bank” responsible for winding down Northern Rock’s mortgages is attempting to become a brand in its own right as it also prepares to take over administration of the Help to Buy scheme. UK Asset Resolution has redesigned the websites and literature of nationalised banks [...]
Boss of BDO says bigger is better for the accountant August 11, 2013 Simon Michaels, managing partner of the UK’s sixth largest professional services firm, thinks it is all to play for BY THE end of July, the builders had almost finished with BDO’s London headquarters. The glass-fronted Baker Street building, once the home of Marks & Spencer’s main office, has been revamped to make space for [...]
Second probe for Grant Thornton August 7, 2013 The accounting watchdog has launched its second investigation in as many days into Grant Thornton. The Financial Reporting Council (FRC) said it was investigating how Grant Thornton audited and accounted for interest rate swap arrangements in Manchester Building Society’s accounts, prompting a financial adjustment last year. The FRC on Tuesday announced an investigation into the [...]
Grant Thornton probed over audit August 6, 2013 The Financial Reporting Council has launched an investigation into accountancy firm Grant Thornton’s audit work for Aim-listed soft drinks company Nichols over the last two years. The watchdog said it is examining whether GT was sufficiently independent when conducting the audits but gave no more details.
Our retail industry has a bright future – but it must adapt to survive August 6, 2013 A ROW of boarded up shops is not how we want our high street to look. But since the beginning of the recession, a high number of retail casualties have been claimed – great stalwarts of the high street like Woolworths and HMV among them. Despite flickering hopes of economic recovery, it is unlikely that [...]