KPMG UK introduces new audit structure but falls short of full separation May 16, 2019 Big Four firm KPMG said today it was introducing a new structure to move its audit arm away from the rest of its UK business, but falling short of a full separation. The move follows a report from the Competition and Markets Authority which called for a separation of audit from consulting services after a [...]
Sainsbury’s shares crash as Asda merger torpedoed February 27, 2019 A strongly worded report from the regulator appears to have torpedoed this supermarket mega merger. What a difference a day makes. Until this morning, Sainsbury's (LSE:SBRY) was the best-performing supermarket stock over the past 12 months by some margin. Now, after the regulator's report on its proposed merger with Asda, it's the worst! After months [...]
Half of motorists think charging loyal car insurance customers more should be illegal April 24, 2019 Fifty per cent of motorists think it should be illegal for insurers to charge existing customers more than new customers for the same cover, a new survey said today. The research by price comparison site Go Compare showed 61 per cent of participants felt insurers treat existing customers less favourably by charging those who renew [...]
John McDonnell says Labour will break up Big Four ‘cartel’ November 19, 2019 Shadow chancellor John McDonnell today promised to break up the “cartel” of the Big Four accounting firms if Labour wins the upcoming election. “Under Labour the Big Four companies will not be allowed to continue to act like a cartel,” McDonnell told a Westminster audience during a speech on Labour’s plans for the economy. The [...]
Rentokil set to continue acquisition spree while organic growth continues April 18, 2019 Pest control expert Rentokil Initial said this morning it is planning to continue an acquisition-heavy strategy and is likely to spend between £200m and £250m on takeovers this year. The firm showed 4.9 per cent growth from takeovers in the first three months of the year, while organic revenue grew at four per cent. Read [...]
British competition watchdog raises ‘serious concerns’ over Viagogo order January 24, 2019 Britain’s competition watchdog has said today it has “serious concerns” that Viagogo has not complied with a court order that forced the controversial ticket reseller to “overhaul” the way it does business. The Competition and Markets Authority (CMA) added that it “expects them to make any necessary changes without delay”, with Viagogo ordered to make immediate [...]
Energy group Wood to sell nuclear arm for £250m August 20, 2019 British energy services firm Wood is to sell its nuclear business for about £250m ($301m) to a subsidiary of US company Jacobs in a drive to reduce its debt. Read more: EDF seeks guarantee for nuclear project The firm made the announcement as it released its half-year results, which showed a rise in pre-tax profit [...]
Non-Standard Finance abandons offer for Provident Financial June 4, 2019 Non-Standard Finance (NSF) will abandon its offer for Provident Financial, it said today, after regulators stamped out any hope of the deal going through. The Prudential Regulation Authority (PRA) told the company the enlarged group would not have enough capitalisation at current levels of shareholder acceptance. “Accordingly, NSF has decided, with the consent of the [...]
Watchdog plans for audit sector shake-up set to draw backlash from businesses January 6, 2019 Finance bosses at some of Britain’s largest FTSE companies are set to hit out at new proposals put forward by the UK’s competition regulator, it emerged this evening. Plans by the Competition and Markets Authority (CMA) to make publicly listed firms appoint two sets of auditors are expected to receive a harsh backlash from a [...]
Ebay’s acquisition of Motors.co.uk gets the green light from UK competition watchdog February 12, 2019 Ebay's acquisition of car search business Motors.co.uk has been given the all-clear by the Competition and Markets Authority (CMA). The deal, first announced in October, last year, will see Ebay merge Motors.co.uk with its other consumer-facing car sales business Gumtree Motors. The CMA said at the time of launching its probe in December that it [...]