Law and regulation

Insight / Charities: reforming the Charity SORP accounting rules - part 5

Nigel Davies, joint chair of the Charities SORP committee, sets out the context of the committee’s goal to both keep the SORP current and further develop charity reporting and accounting to include the concerns of the public

Insight / More SMEs given access to Financial Ombudsman Service

The Financial Conduct Authority (FCA) has confirmed plans to extend access to the Financial Ombudsman Service (FOS) to more SMEs, which would see around 210,000 additional UK SMEs eligible to complain to the ombudsman

Insight / Regulator to investigate London charity over risk to funds

The Charity Commission has opened a class statutory inquiry into two London-based charities, Future Vision Care and Future Vision Consortium, over concerns that charitable funds may be at risk

Insight / FRC fines see expenditure come in under budget

The Financial Reporting Council (FRC)’s total expenditure for the year came in under budget, in part because of the amounts it received in costs from a series of high profile investigations into accountancy firms, according to the regulator’s 2017/18 annual report

Insight / Charity Commission highlights 31 October annual return deadline

The Charity Commission has issued a reminder that the deadline for submitting a charity’s 2017 annual return is 31 October if the charity has a 12-month accounting period

Tax / Editor’s comment: reforming the audit profession

As the clamour for audit reform and a second competition review into market concentration of auditors intensifies, Sara White, editor at Accountancy, considers some of the reform options from an auditor appointment quango to a shared open source technology platform

Insight / Danish bank chief quits over €200bn money laundering

The chief executive of Denmark’s biggest bank has resigned after an internal investigation revealed most of some €200bn (£178bn) of payments moved through its Estonian branch was down to money laundering of cash from Russia, the UK and the British Virgin Islands

Insight / FCA takes action on debt management company

The Financial Conduct Authority (FCA) has obtained an urgent High Court order appointing a provisional liquidator in respect of Total Debt Relief Ltd (TDR), to protect its customers’ money, and is also petitioning for the debt management company to be wound-up

Insight / Government issues 'no deal' competition and insolvency papers

The government has published documents setting out its position in the event of a ‘no deal’ Brexit, including information relating to mergers and acquisitions, the future role of the Competition and Markets Authority (CMA), and insolvency

Insight / Charity Commission advises on setting up a charity

The Charity Commission has published advice on what to consider when starting a charity, including a set of guidelines and requirements, and legal restrictions on an organisation's aims and operations

Insight / Fortune 500 face £57.8bn tax in dispute

Tax disputes are escalating among Fortune 500 companies, as the increasing digitisation of activities makes it more difficult to agree on the location and source of corporate value and pose a growing threat to multinationals’ profitability, according to a research study by Baker McKenzie

Insight / Data protection complaints double

Complaints to the Information Commissioner’s Office (ICO) about potential data breaches have more than doubled since the General Data Protection Regulation (GDPR) came into effect, with financial services companies in the firing line for potential large fines, according to research by law firm EMW

Insight / Insolvency overhaul to tackle ‘phoenixing’

The government has unveiled proposals to shake-up the insolvency regime, including hefty fines or disqualifications for directors who dissolve companies to avoid paying workers or pensions, in response to a consultation on corporate governance within companies which are in or are approaching insolvency

Insight / Regulators launch ads to warn against pension scams

In the wake of changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are seeking to raise awareness of pension scams, after research showed victims reported losing an average of £91,000 each last year

Insight / Adecco loses £11m VAT claim on temp supplies

Adecco has lost a claim for an £11m VAT repayment at the Court of Appeal, which ruled that the employment agency had to account for VAT on the entire fee charged to its clients when it supplied them with temporary workers