Proposals to relax rules for small banks in UK a ‘game-changer’ despite US regional banking crisis May 30, 2023 Experts were quick to praise proposals to relax rules on smaller domestic banks as the consultation on the so-called ‘strong and simple regime’ came to an end today. The proposals include simplifying disclosure and liquidity rules for domestically focused banks with less than £15bn in assets.. The rules, the Prudential Regulation Authority (PRA) said, aim [...]
City breathes sigh of relief: Draft MoU on post Brexit UK-EU financial services welcomed May 23, 2023 Figures in the City seemed to breathe a sigh of relief following the publication of a draft memorandum of understanding (MoU) on financial services between the UK and EU last week. Released last Friday, the agreement commits the two to “jointly endeavour to pursue a robust and ambitious bilateral regulatory cooperation in the area of [...]
Banking crisis reinforces need for ringfencing as government’s consultation comes to an end May 8, 2023 Experts have warned that the recent banking stresses demonstrate the importance of the ringfencing regime as the government’s consultation comes to an end. Treasury ministers are keen to push forward with changes to how banks are forced to separate their retail and commercial activities with, for instance, investment banking operations – reducing the number of [...]
US regional banks face big sell-off despite First Republic rescue deal May 2, 2023 Regional banks across the US were under pressure today as investors became increasingly nervous about the state of the banking sector despite JP Morgan’s acquisition of First Republic Bank. The KBW regional bank index, which includes a range of regional lenders, shed 6.6 per cent. Pacwest Bancorp shares were down nearly 30 per cent, while [...]
Insolvencies at ‘jaw dropping’ level as debt industry warns UK economy ‘is not out of the woods yet’ April 18, 2023 More companies in England and Wales entered insolvency during March than at any point since monthly records started three years ago, according to official data that showed a 16 per cent increase on a year ago. The Insolvency Service reported 2,457 corporate insolvencies last month, up from 1,784 in February. The rate of companies falling into insolvency [...]
British Steel confirms 260 jobs at risk amid coke oven closures February 22, 2023 British Steel announced 260 jobs are at risk amid proposals to close its coke ovens at its plant in Scunthorpe. The firm said the UK remains “uncompetitive” compared to rival markets with energy and carbon costs “some of the highest” globally. It said it had seen a £190m rise last year and the facilities were [...]
Mazars UK business posts ‘record’ growth as firm pushes to tackle Big Four’s dominance February 16, 2023 Mazars today said its UK audit business grew 37 per cent over the previous year, as the accounting firm seeks to take on the Big Four and capture a larger share of the market. Mazars’ UK business posted “record” growth, despite rising costs, after its revenues increased by more than a fifth (23 per [...]
City A.M. Awards 2023: Accountancy Firm of the Year February 15, 2023 Auditors and accountants have spent plenty of time in the spotlight in recent years, but some firms are leading the way in putting audit and accountancy’s reputation back on the right track – and some are choosing innovative ways to respond to today’s challenges. BEGBIES TRAYNOR The country’s leader in “business rescue and recovery” has, [...]
Develop a plan for your financial future February 14, 2023 Retirement — it’s the period of life we all look forward to, but rising interest rates and challenging investment markets have made the need for planning appropriately for retirement all the more important. Mazars delivers in-depth, tax efficient planning to help you make sense of your finances, alongside the help of wealth management and tax [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City A.M. the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]