Billions could be added to regional economies by tackling skills gaps June 28, 2021 New research suggests that addressing skills gaps within the financial, professional and business services (FPBS) sector could boost its yearly output to levels 12% larger than those observed today, equivalent to £38bn annually by 2038, with much of these gains helping to support regional levelling-up across the UK. The report, ‘Skills for future success’, from [...]
Banking’s got talent? Digital disrupts the City’s skills requirements June 24, 2021 The world of financial services is changing fast, with the trend towards digital provision accelerated by the Covid-19 pandemic. From the growing use of mobile banking to the surging interest in fields such as artificial intelligence (AI), technology’s transformative impact has all sorts of consequences. One of those is on the evolving mix of skills [...]
Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale June 21, 2021 Accounting watchdog pushes for KPMG to be fined £15m over Silentnight sale
WIBF’s ACT Research Programme finds that women are held to higher standards across financial services compared to their male counterparts June 16, 2021 A new report published today by Women in Banking and Finance (view here) finds that women struggled if they did not perform consistently well compared to what they recognise as mediocre men in the City of London who are surviving in financial services in high numbers, for a number of different reasons which include social [...]
Big Four lobbying may dilute Government’s audit reform, says ex-accounting watchdog June 14, 2021 Big Four lobbying will dilute Government's audit reform, says ex-accounting watchdog
Paris and Berlin look to dilute EU’s strict bank capital rules June 9, 2021 France and Germany are attempting to dilute the EU’s long-awaited change to banking regulation. The European Commission is expected to introduce a new capital minimum, which would make it harder for banks to use their own internal calculations to decide the size of their capital base, in the autumn. Paris, Berlin, Copenhagen and Luxembourg are [...]
Audit reform – Two minds are better than one June 2, 2021 The UK might not have won Eurovision 2021, indeed it suffered the humiliation of scoring nil points, but it has certainly led the current race on audit and wider corporate governance reform. The Department of Business, Energy and Industrial Strategy (BEIS) issued its consultation ‘Restoring trust in audit and corporate governance’ in March with a [...]
‘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 [...]