Practice & Industry

Accounting / Pension funds at risk from cyber crime, warns PRAG

The Pensions Research Accountants Group (PRAG) is warning that pension funds are at high risk of attack from cyber criminals as they have access to extensive personal identity data including addresses, financial records and banking details, which can be sold, or used to compromise or steal from other victims

Insight / Barclays CEO faces fine over whistleblower probe

The Financial Conduct Authority (FCA) and the Bank of England’s Prudential Regulation Authority (PRA) are to fine Barclays CEO Jes Staley over an alleged breach of conduct after he attempted to find out the identity of a whistleblower in 2016

Insight / Premier League clubs net a record £4.5bn

As the football season draws to a close, Premier League clubs collected a new record of £4.5bn in revenues last year up from £3.6bn the previous year, with wage costs across the league rising by 9% to £2.5bn, according to research from Deloitte 

Insight / 75% of accountants want well-being support at work

Almost half of accountants believe their employer is not doing enough to help employees deal with work-related stress, anxiety and other mental health issues, and 58% believe the government should be doing more to promote wellbeing, according to a study by healthcare provider Westfield Health

Insight / Top tips: how to carry out an HR data audit for GDPR

With the General Data Protection Regulation (GDPR) only a month away, Alastair Brown, chief technological officer at Bright HR, provides tips on how to carry out a HR data audit to identify areas which do not meet the new standards ahead of the deadline

Accounting / IESBA consults on 2019-2023 strategy and work plan

The International Ethics Standards Board for Accountants (IESBA) is consulting on its proposed strategy and work plan covering the next five years, which will see the regulator leverage its completely rewritten and enhanced code of ethics 

Insight / Retail sector profit warnings hit seven-year high

UK quoted companies issued 73 profit warnings in Q1 2018, two fewer than the same quarter of 2017 and 10% less than the previous quarter, but warnings from the beleaguered retail sector hitting a seven-year high, according to research by EY which says companies need to adapt to a new economy to survive

Insight / High Court judgment shines light on shadow directors

The High Court has handed down judgment in a complex case involving the role of the former directors and their professional advisers in a company called Instant Access Properties Ltd (IAP), which has shed light on the issues of what fiduciary duties are owed by shadow directors

Tax / Malicious software warning to taxpayers

HMRC has issued a warning to tax agents about the risks of malicious software (malware) and malvertising being delivered by email, and particularly the risks of opening apparently benign attachments and clicking links

Accounting / Company directors liable for failing to report on climate risk

Companies directors could be held personally liable for failing to assess, manage and report climate risk, where it poses a foreseeable and material financial risk to the company, according to research from Commonwealth Climate and Law Initiative (CCLI)

Insight / EY signs global tax deal with AIG

EY has announced a global tax compliance and technology operating agreement with financial services and insurance multinational AIG that involves a combination of managed tax services and the transfer of select AIG employees to EY

Insight / Gender diversity challenge to 10% of FTSE 350

A total of 35 FTSE 350 companies, including 14 in the FTSE 100, have been singled out for their low level of female representation at leadership level and challenged to make changes in an initiative led by the Investment Association (IA) and the Hampton-Alexander Review

Insight / Croner-i moves into London headquarters

Croner-i, publishers of Accountancy magazine and providers of information to tax and accounting professionals, has invested in a multi-million pound London headquarters at 240 Blackfriars Road

Insight / Betterware joins Kleeneze in administration

Gareth Rusling and Claire Dowson of Begbies Traynor have been appointed as joint administrators of Betterware Ltd, the home shopping company which has collapsed with the loss of all 94 jobs at its headquarters in Birmingham

Insight / 15 major retailers in CVA or administration in 12 months

Fifteen major retailers or restaurant groups have gone into company voluntary arrangements (CVA) or administration in the twelve months since the April 2017 business rates revaluation according to Colliers International, which is calling for further reforms to the system