Boardroom pay rules are set for fresh shake-up October 2, 2013 THE FINANCIAL Reporting Council is weighing up a change to the rules governing boardroom pay, which could see executives banned from sitting on remuneration panels at other companies. The watchdog’s consultation was launched a day after new laws came into effect giving investors the right to a binding vote on executive pay. The FRC will [...]
Deloitte asks for leave to appeal its £14m fine for MG Rover work October 2, 2013 DELOITTE has launched an appeal against its £14m fine for failing to properly handle conflicts of interest when working with MG Rover. “We recognise the general desire to move on from this case but do not agree with the main conclusions of the tribunal which we feel could create significant uncertainty for individual members and [...]
Business group pushes for cap on rising rates September 26, 2013 A NEW report released today by the Confederation of British Industry (CBI) calls on the government to cap annual business rate increases at two per cent, and to review the whole system. The CBI’s research highlights how much business rates have risen in comparison to other taxes. In the decade up to the 2012-13 financial [...]
35,000 customers switch banks in first week of new scheme September 26, 2013 According to reports, around 35,000 Britons have moved their current accounts during the first week of a new industry switching scheme aimed at promoting greater competition in the banking sector. Last week the Payments Council announced the launch of the Current Account Switching Service, which involves 33 banks and building societies, including Halifax, Barclays, Bank [...]
Accountancy regulator to probe PwC audit of Berkeley last year September 16, 2013 THE UK accounting watchdog said yesterday it has opened an investigation into whether PwC was acting independently when it checked the books of UK house builder Berkeley Group. The Financial Reporting Council (FRC) said that the probe would look at PwC’s audit of Berkeley’s financial statements for the year ended 30 April 2012, as a [...]
Regulator launches investigation into PwC audit of Berkeley September 16, 2013 Regulators have announced the launch of an investigation into auditor PricewaterhouseCoopers (PwC) (release). The Financial Reporting Council is looking into PwC's audit of Berkeley. The Financial Reporting Council (FRC) has launched an investigation under the Accountancy Scheme into whether PricewaterhouseCoopers LLP was independent when it conducted the audit of The Berkeley Group Holdings plc’s financial [...]
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 [...]