ICAS CEO: ‘Finance professionals are keeping businesses alive’ September 22, 2021 The pandemic has shown CAs at their best. Now we have to build on that trust by continually demonstrating how our actions benefit the greater good, says ICAS CEO Bruce Cartwright CA. This article first appeared in ICAS’ CA magazine. When I speak to students who are joining ICAS to pursue their CA qualification, something I [...]
State pension scandal: Human errors led to £1bn in underpayments for 134,000 Brits September 22, 2021 Repeated human errors led to more than £1bn-worth of state pensions being underpaid, the UK spending watchdog said this morning. Around 134,000 pensioners were underpaid, the Department for Work and Pensions (DWP) said, adding it plans to pay an average of £8,900 to people affected, the National Audit Office (NAO) said. Most of those affected [...]
City Moves: Who’s switching jobs in the Square Mile today? September 22, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. LEXI Finance appoints former CBRE director Real estate capital advisory LEXI Finance has poached a debt advisory lead and former associate director from commercial real estate and investment firm CBRE. Joining LEXI’s Mayfair office as a [...]
Three quarters of fraud professionals back mandatory reporting, study finds September 22, 2021 Three in four fraud professionals back mandatory reporting about instances of the UK’s most common crime according to a new survey. Under current legislation there is no requirement for a company to report fraud to law enforcement and little incentive for them to do so unless a criminal prosecution is sought. An overwhelming majority of [...]
Legal Q&A: How referees’ pay could be hit by a tax dispute with HMRC and why this could have wide-reaching effects on the gig economy September 21, 2021 Lawyer Kevin Barrow explores the implications of an ongoing case between referees and HMRC. What’s this case about? It’s about whether PGMOL (Professional Game Match Officials Limited) needs to deduct income tax and National Insurance Contributions (NICs) from payments it makes to referees whom it has engaged on a self-employed “gig worker” basis to officiate at [...]
Exclusive: HMRC claw back record £4bn in lost taxes September 21, 2021 HMRC’s investigations and compliance work saved £4bn in taxes from being lost in the last quarter, nearly double the £2.2bn for the same period last year, according to new data shared with City A.M. today. The increase in the amount of taxes saved will be due in part to the winding down of the furlough [...]
Government’s trade export finance numbers were fudged, says panel of MPs September 20, 2021 MPs on the Commons’ international trade committee have accused the government’s export credit agency of exaggerating the number of UK businesses it supported in the last year. UK Export Finance (UKEF) directly helped a “significantly lower” number of companies than its “headline figure of 549 business supported” in the 2020-21 financial year, the committee found. [...]
Markets: FTSE 100 slumps to near three-month low September 20, 2021 The FTSE 100 index dipped 0.86 per cent today, closing at 6,904, as financial stocks and mining companies were hammered. The capital’s premiere index fell to lows of 6,828, down 1.6 per cent compared to the previous close, as concerns about inflation spooked investors. Financial stocks led the declines with Prudential down 8.4 per cent [...]
Credit Suisse asks fund investors to foot £145m bill to prevent Greensill folding September 20, 2021 Credit Suisse has riled clients who are already dealing with billions of dollars in losses from its failed supply chain finance (SCF) funds with plans to land them with a further $145m bill this year, some of which will be used to preserve Greensill Capital. It comes after Credit Suisse’s asset management division suspended a [...]
Perfect energy storm: Do the gas price hikes mean your bills will rise? September 20, 2021 Government ministers and energy companies are in crisis talks today, as the price of gas has soared in recent weeks, putting several energy suppliers out of business and forcing some factories to stop production altogether. The price of wholesale gas has surged by 250 per cent since the beginning of the year and added 70 [...]