Covid crisis could slash wages by ‘£1,200 a year’ by 2025 November 26, 2020 The coronavirus pandemic will prolong Britain’s 15-year squeeze on household incomes and cut pay by £1,200 a year by 2025, according to a major think tank. In a stark report released today, the Resolution Foundation warned that despite politicians proclaiming an end to austerity, “its legacy will continue for many public services” throughout the course [...]
KPMG partner blasts “witch hunt” case at Silentnight tribunal November 25, 2020 A partner at KPMG who is wrapped up in a case involving KPMG, Silentnight and the FRC has described the case as a “witch hunt” during an outburst at the tribunal. David Costly-Wood, a restructuring partner at KPMG is, along with the big four firm, accused of helping private equity firm HIG Capital force the [...]
94% of men and 93% of women working in financial services state their job can be done via flexible working November 24, 2020 New research commissioned by Women in Banking & Finance (WIBF), shows that 94% of males and 93% of females currently working in financial and professional state their job can be done flexibly in terms of location without impacting their performance. This compares to 54% and 75% in responses of past employees. The survey-based research is [...]
Watchdog calls for end to relaxation of pre-emption rules November 20, 2020 The audit regulator has called for an end to the relaxed pre-emption rights past the November deadline, in what has been hailed as a positive step for retail investors. The so-called pre-emption rights were first introduced in March by the Financial Reporting Council (FRC) in a bid to help struggling companies raise cash quickly. The [...]
Snakes and Ladders: Who is moving jobs in the City this week? November 18, 2020 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. Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis. This week, [...]
KPMG rubbishes ‘conspiracy theory’ it helped private equity business dump Silentnight pension liabilities November 17, 2020 KPMG has refuted claims it helped US private equity firm HIG Capital force the insolvency of Silentnight so it could acquire the business without the burden of Silentnight’s £100m pension scheme. Speaking at a tribunal today Mark Phillips QC, who was representing KPMG, said the idea that the big four auditor had jeopardised Silentnight’s ability [...]
Brexit: UK not expecting trade deal to be closed this week November 17, 2020 Boris Johnson is not expecting to close an EU trade deal this week, with the UK's Brexit negotiators aiming for a final breakthrough at some point next week.
Watchdog lambasts accountants for ‘basic’ cash flow mistakes November 17, 2020 The Financial Report Council (FRC) has lambasted the accountancy industry for basic errors in cash flow statements. The watchdog said it continues to identify errors in cash flow statements, and as a result has published a review on the subject that examines many of the issues faced in their preparation, and provides information on how [...]
Ban EY from public contract bids following professional misconduct, urges charity November 17, 2020 The government should consider banning big four auditor EY from bidding on public contracts for three years following a number of recent scandals, charity Spotlight on Corruption has said. The charity has written a 17-page letter to government that accuses EY of “grave professional misconduct” that “renders its integrity questionable”, and suggests there should be [...]
BEIS audit reform proposals expected to be made public in the new year November 13, 2020 Reforms to the audit sector outlined by the Department for Business, Energy and Industrial Strategy (BEIS) are expected in the new year, with full implementation expected in 2023. Mazars head of audit Bob Neate told industry magazine Accountancy Age he expected BEIS to deliver around 110 recommendations drawn from three major reports into auditing. The [...]