Tory MP warns of ‘conflicts of interest’ in UK’s accounting watchdog after FRC hired EY to advise on plans June 26, 2022 A Tory MP has warned of potential conflicts of interest inside the UK’s accounting watchdog, following reports that Britain’s Financial Reporting Council (FRC) brought in consultants from EY to advise on one of its plans. Tory MP Kevin Hollinrake hit out at the FRC for hiring advisors from the Big Four auditor, as the watchdog [...]
Exclusive: Sunak to unveil plan to slash EU financial services rules in Mansion House speech June 24, 2022 Rishi Sunak will unveil his plan to slash EU financial services regulations in a major set piece Mansion House speech next month. City A.M. understands the chancellor will announce details of his Financial Services and Markets Bill at the City’s annual Mansion House bankers’ dinner on 19 July and will introduce the legislation to the [...]
City of London to ignite UK space boom, says science minister June 24, 2022 Britain’s space boom could be supercharged by the City of London’s expertise and financial muscle, the minister responsible told City A.M. yesterday. While the global space economy has spent the last 40 to 50 years recovering from a Cold War hangover, “We’re now in the hockey stick of a huge commercial space boom,” science, research and innovation [...]
Brits paid billions more in taxes over the last year as HMRC ramped up tax collection June 23, 2022 The British population paid more in taxes in 2021-2022 as HM Revenue and Customs collected £718.2bn in taxes, a near 23 per cent rise from the year before. Total HMRC tax receipts for April 2022-May 2022 were £121.9bn, according to HMRC data released today. These were £14.8bn higher compared to the same period last year even as the [...]
Criminal attacks, non-payment and evasion result in £32bn gap between tax expected and tax paid June 23, 2022 The difference between the total amount of tax expected and that which is actually paid hit £32 billion in 2020/21 – according to HM Revenue and Customs (HMRC). At 5.1 per cent, there has been no change in the percentage tax gap compared to the previous year, although the monetary value has fallen by £2 [...]
Chinese firm that owns Lloyd’s building brings in architects to draw up plans if insurer leaves June 23, 2022 The Chinese insurance giant that owns Lloyd’s of London’s City headquarters has brought architects into the Grade I listed building to come up with ideas for what to do with it if Lloyds decides to leave. China’s biggest insurer Ping An – which bought the Lloyd’s building for £260m in 2013 – has brought in [...]
London tops global finance hiring league in sign City retains attractiveness after Brexit June 23, 2022 The City’s jobs market has raced ahead of its competitors to top the global hiring league, reveals fresh research published today. London’s banks, brokers, insurers and money managers are looking to more than double their staffing levels, according to a report by recruiter Robert Walters. The hiring drive has been spurred by firms scrambling to [...]
MPs launch finance watchdog unit to prevent ‘systemic risks’ from post-Brexit rule changes June 23, 2022 A cross-party group of MPs will this week launch a task force to scrutinise proposed changes to the UK’s financial service regulatory regime after Brexit. The treasury committee’s new financial services regulations subsidiary unit will spearhead interrogating tabled amendments to rules governing the City’s banks, brokers and insurers. Its work will be supported by the [...]
Exclusive: So Energy criticises ringfencing proposals amid deepening industry row June 22, 2022 So Energy has raised concerns over Ofgem's proposals to reform the energy market, and has called on the regulator to be transparent.
UK watchdog fines London insurer JLT Speciality Ltd £7.9m for involvement in bribery scandal June 22, 2022 The UK’s financial watchdog has fined London insurance broker JLT Specialty Ltd (JLTSL) £7.9m over its involvement in a multi-million-dollar bribery scandal. The Financial Conduct Authority (FCA) hit the London broker with a £7.9m fine for failing to prevent financial crime, after an “introducer” working for the firm in Panama paid $3m in bribes to [...]