City watchdog chair Charles Randell says Big Four needs to improve audit quality ‘as a matter of urgency’ September 6, 2018 City watchdog chairman Charles Randell launched a withering attack on the Big Four accountancy firms today, calling for the profession to address audit quality "as a matter of urgency". In a speech marking 10 years since the start of the financial crisis, Randell said it was “very disappointing” to see that the Financial Reporting Council’s audit [...]
Swiss bank UBS closes in on US rivals in FTSE 100 broker rankings September 3, 2018 Swiss bank UBS has closed the gap on its US rivals at the top of the FTSE 100 stockbroker ranking list for the third quarter (Q3), moving up to joint third place with 22 clients. UBS, which acts for blue chip companies such as oil major BP, mining giant BHP Billiton and consumer goods company [...]
New PwC recruits to set their own hours under flexible working scheme August 30, 2018 Accounting giant PwC has scrapped the traditional nine-to-five week in favour of flexible hours for certain roles. Applicants to the Flexible Talent Network will be able to choose a working pattern that suits them in a bid to attract more diverse talent that may have previously dismissed the firm. Employees will be appointed to projects based on their skills and [...]
Grant Thornton hit with £3m fine for Vimto audit failures August 29, 2018 Accountancy firm Grant Thornton has been fined £3m for misconduct in the auditing of the owner of soft drink Vimto and the University of Salford. Regulator the Financial Reporting Council (FRC) fined Grant Thornton and four of its senior auditors for what it said were “widespread and serious inadequacies”. The fines relate to the audits of [...]
Bank of Cyprus sells €2.8bn of bad loans to Apollo August 28, 2018 Bank of Cyprus Group has agreed the sale of €2.8bn (£2.5bn) in bad loans to US private equity giant Apollo in a deal that the bank – laid low by the Eurozone crisis – said will be “transformative”. Apollo, which manages assets worth $270bn (£209bn), will pay €1.4bn for the non-performing loan (NPL) portfolio – [...]
Business losses from employee corporate fraud double on last year to nearly £90m August 28, 2018 Businesses lost nearly £90m from fraud carried out by their own employees this financial year, double the figure for the year before, new data reveals. The Home Office defines corporate employee fraud as when an employee is able to obtain property or greater remuneration through the act of fraud, as well as the misuse of corporate cards and expenses. [...]
Exclusive: Banking groups Investec and SC Lowy move to rescue Gaucho after buying up debt August 24, 2018 Two banking groups are closing in on an acquisition of Gaucho after buying out debt from the collapsed restaurant chain's other lenders, City A.M. understands. Investec and Hong Kong-based SC Lowy are now moving to buy Gaucho from administrators Deloitte after buying the debt of other lending banks in Gaucho's syndicate. An Investec spokesperson told City A.M.: "Investec [...]
Dominic Raab says good deal ‘within our sights’ as no-deal Brexit documents released August 23, 2018 Brexit secretary Dominc Raab will today insist that "a good deal is within our sights" as he releases the first tranche of the government's no-deal planning documents. The publication of these technical notes comes as a new survey by City heavyweights KPMG suggests that no-deal Brexit would cause a dramatic contraction in consumer spending, with [...]
The UK’s 2017-18 budget deficit hits an 11-year low August 21, 2018 The UK recorded its largest July surplus for 18 years last month, standing at £2bn, as ONS figures revealed robust deficit reduction in Britain’s finances. July’s surplus was double that from a year ago, with economic growth and high employment credited with fuelling the increase, handing Chancellor Philip Hammond cash he can put towards his [...]
KPMG hit with £2.1m fine for misconduct on Ted Baker audit August 20, 2018 KPMG has been fined £2.1m by the accountancy watchdog over its audit of fashion retailer Ted Baker. The Financial Reporting Council (FRC) has fined and “severely reprimanded” the accountancy giant following its admission of misconduct in relation to the audits between January 2013 and January 2014. Senior statutory auditor Michael Barradell has also been fined [...]