KPMG settles lawsuit over Quindell audit negligence claim November 14, 2022 KPMG has paid out £5m to settle a lawsuit over audit failings at UK insurance software group Quindell - now called Watchstone.
FRC fines hit record highs as watchdog sends ‘clear message’ to UK’s audit sector November 14, 2022 The UK’s Financial Reporting Council (FRC) fined auditors a record £33.3m in the year running up to 30 September 2022, new figures from Thomson Reuters Confirmation shows. The record high sum marks a 77 per cent increase on the £18.7m fines – after discounts and adjustments – handed out in the previous year. The [...]
Volatile markets and soaring gilt yields could see pensions buy-out boom, analysts say November 14, 2022 The UK could see £200bn worth of pensions buyouts over the next three years as higher gilt yields and increasingly volatile markets boost the attractiveness of bulk purchase annuity deals, analysts have said. The market for bulk purchase annuity deals could show fast paced growth over the next few years as pension funds seek to [...]
Value of UK business tax breaks hits record £105bn in past year alone November 14, 2022 The value of business tax reliefs in the UK hit £105.3bn in the past year, up from £100.3bn in 2020-21, shows new research shared with City A.M. this morning. The £105.3bn figure represents the combined cost estimated by HMRC for the 58 significant tax reliefs available to corporates. However, these represent just a fraction of [...]
Lord Mayor says City must provide ‘financial resilience’ during UK recession November 14, 2022 The City must help provide “financial resilience” to help the UK get through the incoming recession, according to the new Lord Mayor of London. Nicholas Lyons, who is the 694th holder of the post, wrote in City A.M. today that “financial services industry must find ways to help people bridge this crisis by providing insurance [...]
Financial resilience will be the backbone to withstand a tough winter recession November 14, 2022 The financial services industry must find ways to help people bridge this crisis by providing insurance premium wavers, affordable credit, and debt repayment deferrals.
Help someone drive safe this winter with a premium dash cam November 11, 2022 Nextbase’s award-winning dash cams could be the perfect — and most responsible — gift this Christmas. The cameras serve as a guardian on the road and drivers could save up to 30% on their insurance just by having one installed. This helps support them from false liability claims, while protecting their no claims bonus. The [...]
Beazley on track for year guidance as gross premiums rise to £3.3bn November 11, 2022 Beazley remains on track to deliver its year guidance of a high 80s combined ratio following a 22 per cent increase in written gross premiums. In the nine months ended 30 September, the insurance powerhouse’s premiums rose to $3.9bn (£3.3bn) as a result of significant growth in all of its divisions. Premium rates on renewal [...]
Ever Given’s blocking of Suez Canal shows threat posed by global warming, Marsh says November 10, 2022 The blocking of the Suez Canal by the cargo ship Ever Given shows the threat climate change poses to the global economy, according to a new report from the world’s largest insurance broker Marsh. Rising sea levels and an uptick in extreme weather events could wreak havoc on global supply chains by disrupting key shipping [...]
National Grid urges ‘transparency’ as it commits £40bn to UK’s energy system November 10, 2022 National Grid has called for stability in the UK’s investment climate, so it can ramp up infrastructure and help the country transition to a greener future.