Business

Insight / Investment body launched to support socially responsible saving

The government is seeking a CEO for a newly launched independent institute designed to make it easier for people to invest their money to benefit communities and society and target options that have a positive social impact

Insight / £1.8m fines for bank over outsourcing failings

Retail bank R Raphael & Sons has been fined a total of £1.8m by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for failing to manage its outsourcing arrangements properly, with the failings leading to thousands of customers being unable to use their cards on Christmas Eve 2015

Audit / EXCLUSIVE: FTSE 250 audit fees exceed £200m for first time

Amid falling quality and a lack of competition, audit fees for FTSE 250 companies increased 6% in the last year, hitting £203.6m, in a market dominated by the Big Four audit firms, according to exclusive research by Accountancy Daily

Insight / Data protection penalties hit £6.5m post GDPR

UK organisations were fined more than £6.5m for breaching data protection laws in 2018, over £2m more than the previous year, although tighter rules and controls under General Data Protection Regulation (GDPR) have not yet resulted in major fines 

Insight / Brexit delays hit UK manufacturing investment

UK manufacturing is at risk of investment paralysis, with industry leaders branding a potential Brexit no deal as ‘economic lunacy' as prospects for the manufacturing sector continue to weaken as the uncertainty of Brexit drags on

Insight / Directors of construction companies forced to lend £550m to maintain cashflow

Brexit fears and a slowdown in the housing sector has put a squeeze on the construction sector forcing directors of UK construction companies to lend £550m to their own businesses in the last year, up from the £528m in 2017

Insight / Getting ahead in commerce and industry finance jobs

Commerce and industry accounting professionals are considering their next moves carefully, sacrificing salary for progression, while demand for interim professionals continues. Helen Firth, C&I manager at Morgan McKinley analyses the latest recruitment trends

Accounting / Shareholders call for greater transparency on dividends

The Investment Association (IA) is calling for companies provide more information about their  approach to paying dividends by publishing a ‘distribution policy’ setting out how they pay dividends to shareholders to curb the use of unapproved interim dividend payments

Accounting / Defined benefit pensions schemes and master trusts

Final salary pension schemes may be a legacy of a more generous time, but they remain a balance sheet issue for finance directors amidst deficit warnings and consolidation risks. Adrian Cooper, head of direct distribution, TPT Retirement Solutions, considers whether master trusts are the right approach

Tax / One in three tax advisers unregulated by professional bodies

While the majority of businesses use a tax agent to help deal with tax compliance, a third of these agents are unregulated and operate outside the self regulated tax services market, while they are not members of professional bodies which comply with accepted professional codes of conduct

Insight / Payment scam victims protected under voluntary bank code

Victims of Authorised Push Payment (APP) scams are now more likely to get their money back following the launch of a new banking industry code, amid warnings that banks are being slow to use technology in the fight against financial crime

Accounting / English clubs dominate £32bn European football ranking

Real Madrid is the most lucrative football club in Europe valued at over €3bn (£2.7bn), while Chelsea and Liverpool have both broken through the €2bn (£1.8bn) barrier for the first time this season in KPMG’s football clubs’ enterprise value ranking, which sees the top 32 clubs in Europe valued at over £30bn

Insight / Implications of SFO reforms to privileged material

The Serious Fraud Office is working on clarifying the rules on reporting fraud and corruption in an effort to encourage more companies to come forward when they unearth wrongdoing. Alistair Graham, partner, and Paul Whitfield-Jones, senior associate, of Mayer Brown International LLP, consider the legal implications over privileged material

Tax / Employment law: 10 things you need to know

Patrick Day, associate director at Portfolio Payroll, explains the key legislative changes for employers and employees, highlighting compliance issues from the requirement for payslips for all workers to use of non-disclosure agreements and the increase in auto enrolment pension contributions

Tax / EY alliance with Thomson Reuters on digital tax services

EY is teaming up with Thomson Reuters to develop leading-edge, digitally enabled tax services targeted at mulitnationals operating across tax jurisdictions
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