City Moves for 5 September 2016 | Who’s switching jobs September 5, 2016 United Trust Bank United Trust Bank has appointed Richard Murley as its new chairman. His appointment follows the recent retirement of previous chairman, Nicholas Clegg CBE, who fulfilled the role for the last 15 years. Richard has been chairman of the University College London Hospitals Foundation Trust (UCLH) since 2010. He is a qualified solicitor and has [...]
The new deal for sharing data between the EU and US is officially done July 12, 2016 Businesses can now breathe a sigh of relief about the tricky issues of sharing data across the Atlantic. A new agreement on the rules governing data transfer between Europe and the US has been agreed by Brussels, replacing the Safe Harbour agreement which was torn up by the courts last year. Officials have managed to hash out [...]
Latest bit of red tape designed to prevent market abuse comes into force today July 3, 2016 Financial firms will find themselves having to do more to safeguard against wrongdoings from today, as the Market Abuse Regulations come into force. The regulations, which cover abuses such as insider dealing and market manipulation, extend and clarify the existing rules. For example, firms will be required to announce inside information as soon as possible and, where [...]
Top City advisers to be grilled by MPs in wake of BHS collapse May 15, 2016 A string of top City advisers are set for a grilling over the BHS fiasco after being called to give evidence in front of MPs. The business, innovation and skills committee is currently running an inquiry into the sale and acquisition of BHS, which kicked off last week with a joint hearing alongside the work [...]
Second administrator appointed to untangle the complex web of companies surrounding BHS July 25, 2016 A second administrator has been appointed to investigate the complex web of companies surrounding BHS. FRP Advisory were appointed joint administrators to Duff & Phelps on Friday. City A.M. understands that the firm will be looking at the transactions made between the companies connected with BHS to determine if any assets transacted were undervalued. Read more: Here are [...]
Chairman of BIS select committee unimpressed by evidence given on BHS so far May 23, 2016 As the inquiry into the collapse of BHS continues today, chairman of the Business, Innovation and Skills Select Committee has said he is "not impressed" by the people who have given evidence so far. Iain Wright, Labour chair of the committee looking into the sale and acquisition of BHS, told BBC 5live's Wake up to [...]
City watchdog tells finance sector it’s business as usual for regulation post-referendum until government says otherwise June 24, 2016 The City watchdog has told the financial sector it should carry on complying with regulation as usual, until government decides otherwise. The Financial Conduct Authority (FCA) has today acknowledged that the decision to leave the EU has "significant implications for the UK", particularly given the sheer amount of financial regulation in the UK that originates [...]
Now it’s the advisers’ turn to be grilled by MPs over BHS collapse May 22, 2016 The topic of the BHS collapse will be heading back into parliament tomorrow, with a string of advisers from top law and accountancy firms due to be grilled by MPs. Ian Greenstreet, partner at Nabarro, Tony Clare, partner at Deloitte, David Clarke, partner at KPMG, Richard Cousins and Steve Denison, both partners at PwC, Emma King, partner at Eversheds and Owen [...]
Brexit Britain could be new sweetheart after EU-US relations soured by Apple tax ruling August 30, 2016 Souring relations between the US and Europe in the wake of the EU competition watchdog ordering Apple to pay a record multi-billion pound tax bill could hand the UK a post-Brexit boost. Britain could be the big winner from the tax feud between Europe and the US after the EU competition commission ruled Apple should [...]
Goldman Sachs told Arcadia bosses that Dominic Chappell had a history of bankruptcy May 23, 2016 Top Goldman Sachs banker Anthony Gutman told MPs this evening that his firm warned Arcadia Group over its sale of BHS. Gutman, co-head of investment banking services for Europe, said that Goldman offered informal advice on the sale and highlighted that Retail Acquisitions' Dominic Chappell had a history of bankruptcy. Gutman described his advice over [...]