Lords told big four auditors pose systemic risk to British economy November 2, 2010 THE dominance of the “big four” auditing firms poses a systemic risk, the House of Lords Economic Affairs Committee was told yesterday. Managing partner of auditor BDO Simon Michaels said: “If one of the big four were to exit the market, without a plan B, there could be chaos.” The lords were asking about the [...]
Body armour firm goes under October 20, 2010 Shieldtech, which supplies body armour to soldiers in Afghanistan and 25 police forces around the UK has gone into administration. More than 60 staff at the firm and its subsidiary Aegis Engineering have been made redundant after RSM Tenon Recovery was brought in as administrators. Gareth Roberts, one of the joint administrators, said all of [...]
Start-ups growing despite cuts October 20, 2010 THE PROSPECT of budget cuts have not deterred entrepreneurs this year with the number of start-ups in the UK growing at its fastest rate since 2007, according to the latest Simply Business start-up index released yesterday. London experienced the fastest growth at seven per cent, substantially faster than the rest of the UK. The upswing [...]
CITY MOVES | WHO’S SWITCHING JOBS September 16, 2010 Oppenheimer Investments Iain Morpeth, one of Clifford Chance’s most senior private equity lawyers, is joining the Swiss project financing adviser as its new chief operating officer, based in London. Morpeth has been at Clifford Chance for the past 23 years and specialises in the real estate sector. His track record includes advising on Meridian Delta [...]
Government fails business expectations September 12, 2010 THE government has failed to meet the expectations of entrepreneurs, according to a new poll. The survey of more than 390 business owners conducted by RSM Tenon reveals a ten per cent drop in the number of business owners who believe the government is supporting them. Two weeks after the general election, 52 per cent [...]
FSA?doles out more fines in Lehman saga September 22, 2010 THE FINANCIAL Services Authority (FSA) has imposed three more fines relating to Lehman Brothers-backed mortgage products, the watchdog sa id yesterday. Legal outfit Thorntons Law was fined £35,000 for misleading customers about the risks of mortgage-backed securities. Michael Royden, a partner at the Dundee-based firm, was separately fined £10,500. The FSA said the company had [...]
Bankruptcies fall 21pc but overstretched borrowers find other ways to go bust August 4, 2010 PERSONAL bankruptcies fell to pre-recession levels in the second quarter, but the headline drop masked a rush by troubled consumers for alternative ways to resolve their woes. Despite a 21 per cent year-on-year decline in bankruptcies, 380 people entered into insolvency every day during the three months, according to accountancy firm RSM Tenon. Debt relief [...]
CITY MOVES | WHO’S SWITCHING JOBS July 28, 2010 Collins Stewart The financial advisory group has appointed a new equity research, sales and corporate broking team, focused on the mining sector and headed by John McGloin (pictured). McGloin has worked as an analyst for the past eight years at Beeson Gregory and Evolution. He is joined by mining analysts Tim Dudley and Andrei Kroupnik; [...]
CITY MOVES | WHO’S SWITCHING JOBS July 22, 2010 DLA PIPER The law firm has poached Stephen Hoyle from Ernst & Young to join its London office as a partner and head of UK tax. Hoyle, a specialist in corporate tax and structured transactions, was a partner at E&Y’s international tax services group. Prior to that, he worked as a managing director in Deutsche [...]
CITY MOVES | WHO’S SWITCHING JOBS July 11, 2010 Guy’s and St Thomas’ Charity The charity has appointed fund management veteran Nichola Pease as a trustee, taking on the position held by ex-Man Group chief Stanley Fink until last month. Pease is deputy chairman of JO Hambro Capital Management, which she joined in 1998 as chief executive. She also previously helped to set up [...]