Non-executive directors ‘can’t just turn up and take a fee’ says FRC March 26, 2021 Non-executive directors are responsible for running a business, and cannot simply turn up and cash in, the audit watchdog said yesterday. The comments made by the Financial Reporting Council (FRC) followed the publication of a keenly-awaited report on audit reform by the Department for Business, Energy and Industrial Strategy (BEIS). As part of the reforms, [...]
Investors sue Hargreaves Lansdown over losses linked to Neil Woodford collapse March 22, 2021 Investors who lost money when Neil Woodford’s flagship fund collapsed are suing financial adviser Hargreaves Lansdown and corporate director Link in a bid to recoup their savings. The legal action, led by RGL Management, will centre around losses sustained directly as a result of the failure of the Woodford Equity Income Fund in 2019. It [...]
UK audit shakeup: Big Four face FTSE client caps, new watchdog and a clampdown on directors March 18, 2021 Big Four dominance in the UK audit market may be diluted under new plans announced today that would see stricter regulation of the sector and executives at major firms. The government hopes the proposals, published in a consultation today by the Department for Business, Energy and Industrial Strategy (BEIS), will lead to greater transparency in [...]
Watchdog investigating Deloitte audit of Lookers after £19m vanishes from books March 12, 2021 Britain’s accounting watchdog has opened an investigation into audits conducted by Deloitte of car dealership operator Lookers. The investigation will look at financial statements for the years ended 31 December 2017 and 2018, the Financial Reporting Council (FRC) said in a statement. Deloitte said it was taking the investigation seriously and was fully cooperating with [...]
Shareholder management platform Shaparency announces capital raise amid expansion March 11, 2021 Shareholder management platform Shaparency which claims to democratise business access has secured another capital raise amid its rapid expansion. While a number of companies switched to digital fairly seamlessly for the day-to-day business during the first lockdown, shareholder engagement was largely neglected. Globally just 15 per cent of corporate boards use digital platforms in AGM [...]
City Moves: Who is switching jobs in the Square Mile this week? March 10, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. New strategy director joins Wates Construction Wates Construction Group has appointed a new strategy and integration director for its recently formed group of businesses Wates Integrated Construction Services (WICS). Joining the London office, [...]
Test and Trace to receive extra £15bn, bringing total funding to £37bn March 4, 2021 The Test and Trace scheme is set to receive an extra £15bn, bringing its total funding over two years to £37bn. The contact tracing scheme, which has been awarded £22bn so far, will receive a further £15bn over the next financial year. The new figures were first revealed by the Huffington Post. It also revealed [...]
City Corporation creates new Covid Business Recovery Fund March 4, 2021 The Court of Common Council, the City of London Corporation’s main decision-making body, has today (4 March) agreed to create a new Covid Business Recovery Fund of up to £50 million. At a virtual meeting, elected Members decided unanimously that grants from the Fund will be made available to small and independent retailers and hospitality [...]
Boris Johnson announces £70m fund to tackle obesity crisis March 4, 2021 The Prime Minister has announced councils in England will receive an extra £70m to help overweight and obese people to slim down, including plans to offer financial rewards for those who manage to lose weight. Around 700,000 people across the country will benefit from weight loss courses from providers such as Weight Watchers or Slimming [...]
KPMG ‘to sell’ restructuring arm in £400m deal March 2, 2021 Big four accountancy firm KPMG is set to announce the sale of its UK restructuring arm in a deal worth £400m, according to reports, as the company braces for sweeping new audit reforms. The division, which will be renamed Interpath Advisory, will automatically become the largest restructuring firm in the UK by employee count, Sky [...]