WALKER REVIEW: ALL THE POINTS AT A GLANCE November 25, 2009 BOARD SIZE, COMPOSITION AND QUALIFICATION 1. Non-executive directors at banks or other financial institutions will need to go on training programmes.2. The board should provide non-execs with extra support on appropriate issues as and when needed. 3. Non-execs at a FTSE 100-listed bank or life assurance company should give more time to their roles. Several [...]
CITY MOVES WHO’S SWITCHING JOBS November 11, 2009 Saxo BankThe bank has officially appointed Tom Hougaard as a market commentator for its financial spreads division. Hougaard, who also regularly hosts educational market trading seminars throughout the UK, previously worked as chief market strategist for City Index for eight years. He will be based in Saxo Bank’s London office and will provide twice-daily market [...]
Big Four faces auditing probe November 5, 2009 THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services. The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public. The controversial contract provides a “deeper” service [...]
Big Four accountants retain hold over blue-chip audit jobs October 27, 2009 ATTEMPTS to inject more competition into firms that audit UK company books have suffered a setback as figures released yesterday showed the “Big Four” accountants maintaining their stranglehold on the sector. The Financial Reporting Council (FRC) set up a market participants group three years ago which made recommendations to spread this business more evenly. It [...]
MILLIONAIRE LEAVES THE LAP OF LUXURY TO GET BY ON 64 A WEEK October 14, 2009 CHANNEL 4-gazers might have been surprised last night by the sight of a familiar face popping up on the box: Pimlico Plumbers boss Charlie Mullins. Mullins, himself the subject of a classic rags-to-riches tale as a self-made business tycoon, was taking part in the channel’s popular “Secret Millionaire” show, for which he travelled to a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2009 FINANCIAL TIMES JPMORGAN TRIES TO CALM UK FEARSJPMorgan’s top executives have embarked on a charm offensive to allay fears by staff and regulators that the ousting of Bill Winters as co-head of the investment bank will mean a diminished role for its London operations. Jamie Dimon, JPMorgan’s chief executive, made a surprise visit to London [...]
WHAT THE OTHER PAPER SAY THIS MORNING October 11, 2009 THE SUNDAYSThe Sunday TelegraphBORIS JOHNSON WARNS EU TO KEEP OUT OF THE CITYBritain’s financial sector, which creates billions of pounds in revenue for the Treasury, is under threat from European legislation and an increasing tax burden on high-earning individuals, a report from the Mayor of London’s office says. The report, released this week, says that [...]
Accounting firms facing ban on sale of products to audit clients October 6, 2009 SOME of the City’s biggest accounting firms are facing restrictions on the services they can sell to audit clients, after the financial reporting watchdog launched a review of rules designed to maintain auditor independence. The Auditing Practices Board (APB), a division of the Financial Reporting Council, said it would review whether the sale of non-audit [...]
G30 calls for reform of IMF October 5, 2009 The G30, a group of prominent bankers, policymakers and economists, called for sweeping reforms to the International Monetary Fund (IMF), warning that the impetus for change would wane as pain from the financial crisis fades. In a report released on the sidelines of the semi-annual IMF and World Bank meetings, the G30 said nations should [...]
Ernst &Young in Akai payout September 23, 2009 ERNST & Young (E&Y) was forced to make a “substantial” payout to the liquidator of failed consumer electronics firm Akai Holdings yesterday, after being accused of falsifying documents in a long running court battle. The Big Four accountancy firm has made a settlement to Hong Kong liquidator Borrelli Walsh after it admitted documents it used [...]