May called business chiefs to reassure over latest change in Brexit negotiation plan April 3, 2019 Theresa May last night tried to reassure bosses at some of Britain’s biggest firms, including Rolls-Royce, BT and GlaxoSmithKline, about her latest change in direction on Brexit negotiations. The PM hosted a call with the co-chairs of her business councils last night, shortly after announcing she would look for another extension to Article 50 so [...]
DEBATE: Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? April 3, 2019 Should the audit and consultancy arms of the Big Four firms be divided, as proposed by MPs? YES, says Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee. We have two major problems in the audit market today: a lack of competition and quality. The Big Four’s dominance has led to a precarious [...]
The European Union is on the backfoot, but few seem to notice April 2, 2019 There is a very bad habit that many of our broadcasters have of focusing on what might befall us. It reminds me of Frankie Howerd in Up Pompeii bemoaning “woe is me, woe is me” – as if he might warn his master against leaving the Empire without a deal. It would be refreshing were there [...]
MPs call for full breakup of audit’s Big Four in wake of scandals April 2, 2019 MPs have triggered a war of words in the City after calling for a radical breakup of accountancy’s Big Four firms. A highly-anticipated report by the Business, Energy and Industrial Strategy (Beis) Committee, released today, said the audit and consultancy arms of Deloitte, EY, KPMG and PwC should be forcibly divided to drive up competition [...]
Regulator left Co-operative Bank ‘defenceless’ by regulator in Britannia merger, long-awaited report finds March 27, 2019 The Co-operative Bank was left “relatively defenceless” by the City watchdog in its merger with Britannia, a report into the bank’s near-collapse in 2013 has found. An independent review into the now-defunct Financial Services Authority’s (FSA) supervision of the bank in the five years leading up to the crisis has finally been published today. Read [...]
MPs call for crackdown on ‘excessive’ bonuses after Persimmon pay row and Royal Mail boss’ ‘golden hello’ March 26, 2019 MPs have called for a crackdown on excessive bonuses in a bid to avoid repeats of “shaming” pay packets, such as the £75m given to former Persimmon boss Jeff Fairburn. The Business, Energy and Industrial Strategy committee called for companies to introduce an “absolute cap” on remuneration to avoid unpredictable long term incentive awards. It [...]
Institute of Directors concerned over future of UK corporate governance under new audit regulator March 21, 2019 The Institute of Directors has expressed concern over the future of corporate governance in the UK following the establishment of a new audit regulator. The influential business organisation said the proposed regulator that is set to replace the Financial Reporting Council (FRC), which is being abolished in the wake of a string of corporate scandals, [...]
Sterling dips lower as Theresa May seeks only a short Brexit delay from EU March 20, 2019 Sterling took a hit this morning as it emerged Theresa May has ruled out seeking a long Brexit delay from the EU. Read more: Prime Minister rules out long Brexit delay Downing Street said the Prime Minister will only request a short extension to Article 50, likely to the end of June, as the UK [...]
Brexit vote live: MPs vote to delay Brexit by extending Article 50 beyond 29 March March 14, 2019 Hello and welcome to City A.M.’s Brexit live blog for the second of potentially three huge votes on the UK’s departure from the EU. Prime Minister Theresa May was defeated in the House of Commons in a second vote on her Brexit deal on Tuesday, losing by 391 votes to 242. Last night, MPs voted [...]
Regulators for accountants and lawyers slammed for weak money laundering supervision March 12, 2019 Most regulators for accountants and lawyers are not doing enough to scrutinise money laundering, a senior regulator said today. A review of the Office for Professional Body Anti Money Laundering Supervision (OPBAS) which was set up a year ago to monitor the performance of regulators, found many were not doing the job satisfactorily. Alison Barker, [...]