DEBATE: A decade on from the crash, has the financial services sector done enough to restore trust? January 24, 2018 A decade on from the crash, has the financial services sector done enough to restore trust? Lisa Fernihough, a partner in the KPMG financial services team, says YES. The sector has made significant progress in improving culture, holding individuals to account and building products that have the end customers’ interest at heart. Firms know they [...]
McKinsey, SAP and KPMG accused of criminal conduct by South Africa’s companies regulator CIPC over ties with the Gupta family January 17, 2018 Consultancy firm McKinsey, software group SAP and accountancy business KPMG have been accused of criminal conduct by South Africa’s companies regulator, the Companies and Intellectual Property Commission (CIPC). The move comes as the South African authorities are cracking down on businesses with ties to the controversial Gupta family. The Guptas, friends of the president Jacob [...]
Royal Bank of Scotland (RBS) nets £150m in sale of Lombard asset finance unit to Investec and Shawbrook January 3, 2018 Royal Bank of Scotland (RBS) has sold the offshore operations of its asset finance lender Lombard to Investec and Shawbrook. RBS will net around £150m from selling off its Channel Islands operations of the lender, which was founded in 1861. Investec and Shawbrook will split the Jersey and Guernsey assets division between them, although the [...]
RBS nets £150m in sale of Lombard asset finance unit to Investec and Shawbrook January 3, 2018 Royal Bank of Scotland (RBS) has sold the offshore operations of its asset finance lender Lombard to Investec and Shawbrook. RBS will net around £150m from selling off its Channel Islands operations of the lender, which was founded in 1861. Investec and Shawbrook will split the Jersey and Guernsey assets division between them, although the [...]
Increasing prices will hurt the retail sector in 2018, according to this think tank December 28, 2017 The retail sector will “flatline at best” next year, according to predictions issued by the KPMG/Ipsos Retail Think Tank (RTT). The group made its lacklustre forecast based on a combination of “continued headwinds in the form of geopolitical and macroeconomic obstacles; an increased number of regulatory compliance issues and ongoing structural change within the industry”. [...]
Revealed: Behind the scenes of Carillion’s annus horribilis December 21, 2017 Troubled construction giant Carillion hit the headlines again yesterday after it announced its interim chief executive Keith Cochrane will be replaced almost three months earlier than planned. When Andrew Davies, who was set to take over on 2 April 2018, starts on 22 January, he will become the company’s third chief executive in six months. [...]
Carillion share price: Behind the scenes of the construction giant’s annus horribilis December 21, 2017 Troubled construction giant Carillion hit the headlines again yesterday after it announced its interim chief executive Keith Cochrane will be replaced almost three months earlier than planned. When Andrew Davies, who was set to take over on 2 April 2018, starts on 22 January, he will become the company’s third chief executive in six months. [...]
“Shorter, sharper” corporate governance code welcomed as step to restore public’s trust in business December 5, 2017 The UK’s top accounting regulator today publishes a “shorter, sharper” corporate governance code that aligns the pay of top execs and workers. Proposals by the Financial Reporting Council (FRC) were welcomed by leading HR and governance bodies. The code includes requirements for UK firms to ensure board appointments are “based on merit” rather than “group [...]
Challenger accountant CogitalGroup announces first acquisition for Blick Rothenberg December 1, 2017 Blick Rothenberg, the accountancy firm owned by CogitalGroup, has today made it first acquisition as its parent pursues plans to challenge the Big Four accountants. Shelley Stock Hutter, based in Marylebone, has been scooped up by Blick Rothenberg to strengthen its presence in the “owner-managed business” sector. With a team of more than 60 people, [...]
No need for disclosure of Bank of England emergency funding to Lloyds investors in HBOS deal, Sir Victor Blank tells court November 30, 2017 Investors in Lloyds bank at the time of its merger with HBOS did not need to be told about emergency funding provided by the Bank of England (BoE), former Lloyds chairman Sir Victor Blank today told the High Court. Blank was giving evidence at a £550m legal case brought by shareholders who allege they were [...]