‘Risky’ FTSE firms could be shunned by worried auditors fearing backlash May 29, 2021 There are worries that the crushing weight of public criticism combined with record-breaking fines could see perceived ‘risky’ FTSE companies shunned by auditors. Following large-scale collapses like Carillion and Patisserie Valerie, the audit sector has faced harsh criticism, having come under both the media and government’s spotlight for failing to do their jobs properly. According [...]
Audit watchdog admits it was not up to the job amid major company collapse May 27, 2021 The boss of the Financial Reporting Council (FRC) has admitted the audit regulator was asleep at the wheel following large scale business collapses that shook confidence in the sector. Sir Jon Thompson, chief executive of the FRC, said he agreed with criticism of the regulator following the collapse of Carillion and Patisserie Valerie. Speaking to [...]
Not going anywhere: Cecil Rhodes statue to remain at Oxford college despite fierce BLM campaign May 20, 2021 The governing body of an Oxford University college will not take down the controversial statue of Cecil Rhodes at this stage due to “regulatory and financial challenges” presented by its removal. Oriel College’s decision comes after a long-running campaign demanding the removal of the British imperialist’s monument gained renewed attention amid the Black Lives Matter [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 19, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Ex Co-op CEO joins Boomin’s board Property site Boomin has bagged itself a retail veteran this week, who is set to join the board as a non-executive director at its next [...]
Square Mile policing priorities set out May 13, 2021 Speaking at the Court of Common Council today, City of London Police Authority Board (PAB) Chair, James Thomson, set out its policing priorities for the City of London Police (CoLP). He said: “Our vision for the City is to make it the safest business district in the world, and for the City of London Police [...]
Watchdog gives UHY Hacker Young a slap on the wrist for shoddy audit May 13, 2021 The Financial Reporting Council (FRC) has given what it described as a “severe reprimand” to UHY Hacker Young for its audit of a Malaysia-based rubber manufacturer. The FRC declared UHY Hacker Young’s 2016 audit of Inch Kenneth Kajang Rubber (IKKR) was unsatisfactory, and as a result told the accountancy firm to give staff involved in [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 12, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Capital Group strengthens UK sales team Investment firm Capital Group, which has £1.7 trillion assets under management, has expanded its UK financial intermediaries team this week by hiring a new managing [...]
Boris Johnson to outline ‘levelling up’ plans in Queen’s Speech tomorrow May 10, 2021 Boris Johnson is expected to outline more of his plans to “level up” the North and the Midlands in tomorrow’s Queen’s Speech fresh off the back of winning a crucial by-election in Hartlepool. The Tories also made ground in traditional Labour heartlands of Sunderland, Durham and Newcastle in local elections as it won hundreds of [...]
Gousto taps City bigwig Garrett-Cox as chair ahead of stock market float May 7, 2021 Recipe box firm Gousto has tapped one of Britain’s most prominent businesswomen as its next chair as it gears up for a potential stock market float. The meal kit company, which was founded in 2012, has agreed the appointment of Katherine Garrett-Cox to lead the company through a listing. The appointment is expected to be [...]
Ministers to start searching for new audit watchdog chair May 7, 2021 The Department for Business, Energy and Industrial Strategy (BEIS) will shortly kick off the search for the new chair of the Financial Reporting Council (FRC). BEIS will advertise for the role in the coming weeks, Sky News first reported. The FRC’s current interim chair Keith Skeoch has reportedly had his contract extended in recent weeks [...]