Regulatory

Former Perth accountant Derek Foster, who conned HMRC out of £22,000, is facing jail for failing to pay a court compensation order of almost £19,000.  Mr Foster told Perth Sheriff Court he could not prove he had paid back any money because his brother had been making payments on his

The Financial Reporting Council (FRC) has today published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. The FRC is proposing to introduce a new requirement to ensure actuarial practiti

Bank of Scotland owner Lloyds Banking Group is close to agreeing a compensation deal for victims of the Reading HBOS scandal. After mounting pressure from small business representatives and the Financial Conduct Authority, it has been reported that the banking giant has agreed to offer victims of th

Banks and building societies will need to assess the impact of changes to their services, for example shorter branch opening times, under updated guidance proposed by the Financial Conduct Authority (FCA). The FCA is also consulting on requirements for more detailed analysis on how firms assess the

KPMG is to cut the number of companies it audits to focus on improving its standards after a series of scandals, including the collapse of government contractor Carillion. The Big Four firm's decision to reduce its client numbers comes as more than 70 stock market companies put their audit contracts

EY is considering a global restructuring that could see it spin off the audit division from its advisory business. Yesterday, EY confirmed that it was in the “early stages” of separating its audit business from its consultancy arm.

The Financial Conduct Authority (FCA) has set out an ambitious vision for potential reform to the way companies list in the UK that aims to attract more high quality, growth companies and give investors greater opportunities. In a new paper, the FCA is continuing its discussion on how it can make th

A Shetlands-based company has been fined £80,000 after an employee sustained fatal injuries after being struck by a forklift truck. QA Fish Ltd, a fish processing company based at Blackness Pier, Scalloway, pled guilty to health and safety breaches committed between 6 January 2014 and 31 Janua

The Financial Conduct Authority (FCA) is to use new powers to more swiftly cancel or change what regulated activities firms are permitted to do. This new power is available following a change in the law allowing the FCA to streamline and shorten the removals process.

Hamilton man James McGee, a retired tax inspector who stole a dead man's identity to carry out a £170,000 VAT fraud, has been jailed for two and a half years. James McGee, 66, utilised his forty years of expertise to obtain false payments from HMRC.

The Financial Reporting Council (FRC) has published its thematic review of discount rates.

The UK Supreme Court has dismissed an appeal by a mail order company seeking repayment from HMRC of sums it claimed should have been regarded as recoverable VAT. Zipvit Ltd, which had mistakenly never been charged VAT for use of a special mail service provided by Royal Mail, argued that part of thei

Big Four firm KPMG is set to be fined £14.4 million after a Financial Reporting Council (FRC) tribunal found that its auditors deliberately misled regulators during routine inspections of its audit of collapsed government contractor Carillion. The £14.4m fine for KPMG would be the second

Peter Ferguson, a businessman from Dunfermline, has been banned from running companies over allegations he used a government Covid bounce-back loan for personal gain. The Insolvency Service imposed a six-year sanction on Mr Ferguson, 46, last week relating to his conduct in running Beautiful Digital

The Financial Conduct Authority (FCA) is warning lenders and brokers to stop using misleading terms in their advertising or face regulatory action. The increased cost of living means that more people may take out loans. Marketing that does not give clear information and warnings about the potential