To qualify or not to qualify? Auditors move to ditch risky clients November 30, 2020 Qualifying an audit could lead to unhappy clients and litigation risks, so it is safer to ditch clients instead, an expert has told City A.M., after several auditors dropped clients in October. Last month three separate auditors terminated contracts with clients in compromising circumstances. At the time the reputational risk of being associated with the [...]
Private equity needs to start speaking up for itself – it could be the key to ‘levelling up’ August 6, 2021 Private equity’s reputation is once again in the spotlight. With the supermarket Morrisons in the industry’s crosshairs, the public memory is reminded of previous scandals involving other household names. The multi-billion-pound bidding war for a major employer, headquartered in the north of England, has understandably attracted the interest of ministers and opposition politicians sensitive to [...]
Bank of England to tighten monetary policy to tame runaway inflation August 5, 2021 The Bank of England signalled today it is likely to start reining in the wave of monetary stimulus it unleashed in response to the Covid crisis to control inflation. “At some point, monetary policy may need to tighten so that the MPC can meet its remit” of achieving an inflation target of two per cent, [...]
Queen’s cousin Prince Michael accused of using royal status to ‘sell access’ to Vladimir Putin May 9, 2021 An undercover investigation has claimed Prince Michael of Kent was willing to use his royal status for personal profit, and to seek favours from Russian president Vladimir Putin. The Queen’s cousin told undercover reporters posing as investors from South Korea in a virtual meeting that he could be hired for £10,000 a day to make [...]
Half of UK financial services staff want shift to flexible working October 19, 2020 Half of Brits working in the financial services sector want to shift to a more flexible working model after the coronavirus pandemic ends, a new survey has revealed. The outbreak of Covid-19 has sparked a major change in working habits, as stay-at-home orders have fuelled a sharp rise in home working. A survey by KPMG [...]
UK and EU ‘have made progress’ on Brexit talks, business secretary says November 18, 2020 Business secretary Alok Sharma said the EU and UK “have made progress” on a post-Brexit trade deal, amid chatter that an agreement could be reached next week.
Three-quarters of new FRC panel members being ex-Big Four causes interest concerns May 5, 2021 The majority of individuals recently recruited to the FRC’s advisory panel have at some point worked for a Big Four firm, raising concerns about their objectivity when it comes to making recommendations that are in the public interest. The Financial Reporting Council (FRC) recently announced 19 new appointments to its advisory panel, a body established [...]
More gloom on the horizon for UK high street, think tank warns January 14, 2021 There is more gloom on the horizon for the beleaguered UK high street in the first half of this year as lockdown restrictions weaken consumer confidence, according to the latest research. The KPMG Ipsos Retail Think Tank forecast that retail health will fall by two points in the first three months of the year, as [...]
UK CPI: Inflation rate surges to 1.5 per cent in April May 19, 2021 UK inflation more than doubled to 1.5 per cent in April, up from 0.7 per cent in March, the Office for National Statistics (ONS) said this morning. Economists had forecast a rise of 1.4 per cent, as a jump in electricity and gas bills pushed inflation higher. Core inflation, which excludes energy prices and other [...]
Shock to the system: Ofgem proposes new body to run electricity network January 25, 2021 Ofgem has this morning submitted proposals for the creation of an independent body to run the UK’s electricity network, in what would be a radical shake-up of the way the country’s power is managed. Such a body, the watchdog says, could save consumers up to £4.8bn by 2050, while leading the country’s charge towards net [...]