The Big Four accounting firms are engaging in talks with the audit regulator regarding a self-imposed break-up in an attempt to get ahead of government enforcement action. The Financial Reporting Council (FRC) is currently drawing up guidelines for the separation of audit and consulting operations a
Citizens Advice Scotland (CAS) has urged credit card providers to show sensitivity and flexibility towards customers in persistent debt as new rules begin to come into force this month which allow them to impose sanctions.
Seven out of ten overdraft users will be better off or see no change when new rules on overdrafts come into force in April, the Financial Conduct Authority (FCA) has said. Around 14 million people use an unarranged overdraft each year, and all of these users will be better off or see no change. The
Reporting on workforce-related issues needs to improve to meet investor needs and reflect modern-day workforces, according to a new report from the Financial Reporting Council’s (FRC) Financial Reporting Lab. Workforce-related matters such as working conditions, changing contractual arrangemen
Santander announced last week that it will slash the interest rate it pays to customers for its 123 current account from 1.5% to 1%.
The Financial Reporting Council (FRC) has revealed it will need at least another six months to investigate KPMG’s auditing of collapsed construction and services firm Carillion due to the scale and complexity of the case.
The Financial Conduct Authority (FCA) is today proposing to reform the easy access cash savings market. Under new rules all firms will have to set a single easy access rate (SEAR) across all easy access accounts. Firms will have flexibility to offer multiple introductory rates for up to 12 mon
Companies need to improve their governance practices and reporting if they are to demonstrate their positive impact on the economy and wider society, according to a new report from the Financial Reporting Council (FRC). While changes to the 2018 UK Corporate Governance Code raised the bar considerab
The Financial Conduct Authority (FCA) and the Bank of England (BoE) today outlined their proposals for data reforms across the UK financial sector. Both authorities have outlined their plans to develop their data and analytics capabilities. The FCA and BoE both depend on access to high-quality data
Citizens Advice Scotland (CAS) has cautiously welcomed new rules around bank overdrafts but is warning that the changes could hit some people in the pocket in 2020.
A management reshuffle has occurred at accountancy firm RSM following the discovery of an error in its accounts. RSM scored a major win last year when it was appointed as auditor to Sports Direct. However, the company's accounts for the year to 31st March revealed that the firm had made e
Lloyds Banking Group has announced that it will award £35,000 to almost 200 fraud victims who suffered at the hands of the HBOS Reading scam. The announcement to award the victims comes after the group was criticised for the way it handled treated small business owners whose livelihoods were a
Andrew Bailey, the current chief executive of the Financial Conduct Authority (FCA), has been appointed as the next governor of the Bank of England. Mr Bailey will become the 121st governor of the bank on 16 March 2020.
The Sir Donald Brydon CBE Assess, Assure and Inform: Improving Audit Quality and Effectiveness report has recommended that auditors should be made independent from the larger accountancy profession. The report has emphasised the need for such a move in an effort to "stimulate improved quality and ef
The Financial Reporting Council (FRC) has announced that it will investigate EY's audit of Thomas Cook's financial statements for the year ended 20th September 2017. On 1 October 2019, the FRC announced the opening of an investigation into the audit of the financial statements of Thomas Cook for the