City watchdog hits Standard Life Assurance with £30m fine for annuity sales failings July 23, 2019 The Financial Conduct Authority (FCA) today fined Standard Life Assurance (SLA) £30.7m for failings around its sales of annuities. The FCA said SLA had failed to put in place adequate controls to monitor the quality of calls between its call handlers and its customers. At the same time SLA offered staff large financial incentives to [...]
Woodford dropped by St James’s Place as manager of £3.5bn of its funds June 5, 2019 Neil Woodford has been dropped by St James’s Place as manager of £3.5bn of its funds. The wealth manager said today it had terminated its mandates with Woodford Investment Management, appointing Columbia Threadneedle and RWC Partners in its place. A spokesperson for St James’s Place said the firm had “been keeping a close eye on [...]
Renault board to halt severance pay packet to ousted chairman Carlos Ghosn February 13, 2019 Renault directors are reportedly on the verge of cancelling up to €30m (£26.2m) deferred pay and severance to its former boss Carlos Ghosn. The car maker’s board is to get rid of around 460,000 performance shares in Ghosn’s name since 2014-15, now worth €26m, after a board meeting to approve its full-year accounts, according to [...]
Renault interim boss vows to safeguard Nissan alliance after Carlos Ghosn arrest November 23, 2018 Renault's interim boss has assured shareholders he will safeguard the company's interests and its alliance with Nissan following the arrest of chairman Carlos Ghosn. The Nissan board voted to oust Ghosn on Thursday after he was arrested in Japan over financial misconduct allegations earlier in the week. But Renault has decided not to dismiss Ghosn for [...]
Queen’s Birthday Honours: the full 2021 list June 12, 2021 Below the full list of names for this year ORDER OF THE BRITISH EMPIRE Knights Grand Cross of the Order of the British Empire (GBE) The Rt. Hon. Frederick Richard Penn Curzon, The Earl Howe. For political and parliamentary service. (Amersham, Buckinghamshire) ORDER OF THE BATH Knights Commander of the Order of the Bath (KCB) [...]
PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
PwC UK chairman resists calls for Big Four breakup as firm posts record revenues September 17, 2018 The chairman of PricewaterhouseCoopers UK said the Big Four accountant has learnt from its mistakes and improved processes, after it raised revenues despite settling two regulatory investigations in the past year. Kevin Ellis, PwC’s UK chairman and senior partner, told City A.M. he stands by the company’s opposition to breaking up the Big Four accountancy firms, [...]
Sir Martin Sorrell gets £100m funding from City investors for new venture S4 Capital July 1, 2018 Adman Sir Martin Sorrell has raised around £100m for his new marketing venture S4 Capital, City A.M. understands. Sorrell has been scoping out City investors to back the advertising enterprise, which is looking to capitalise on opportunities in tech, data and content marketing. A spokesperson for Sorrell declined to comment. The former WPP boss returned [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]