The Financial Conduct Authority (FCA) has proposed banning debt packager firms from being paid to refer customers on to other firms. Debt packagers are regulated providers of debt advice, who refer customers on to other providers of debt solutions. They rely on income from referral fees paid by thes
Regulatory
Accountancy firm Grant Thornton has been slapped with a financial sanction of nearly £720,000 in connection with failings in its audits of Interserve. Interserve, a major outsourcing company, went into administration in 2019 after financial restructuring plans drawn up by the company’s l
Sophisticated investors and pension funds are among those who will have access to new types of investment opportunities following changes made by the Financial Conduct Authority (FCA). The FCA has confirmed that it will be taking forward proposals to create a new type of open-ended investment fund w
The Financial Conduct Authority (FCA) has warned that social media is encouraging young people to invest in risky cryptocurrencies. The financial regulator warned that “hype” on social media platforms and in the news is driving new investors to channel their money into high-risk investme
Charles Randell has asked the Chancellor of the Exchequer to commence the process to appoint his successor as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR). Mr Randell plans to step down in Spring 2022.
David Costley-Wood, the former head of KPMG Manchester restructuring, "advanced an untruthful defence" at a disciplinary hearing into KPMG's misconduct in the sale of Silentnight, according to the Financial Reporting Council's (FRC) Independent Disciplinary Tribunal. Last month, KPMG was fined
The Financial Reporting Council (FRC) has said that listed companies must be more transparent about their use of alternative performance measures such as "underlying profits" and "core operations." This comes after a new review by the watchdog which revealed that listed firms needed to be more open
The Financial Reporting Council (FRC) has fined accountancy firm Grant Thornton more than £2.3 million for failings and a 'serious lack of competence' in its audits of restaurant chain Patisserie Valerie. Patisserie Valerie collapsed in January 2019 as allegations of fraud encompassed the comp
The Financial Reporting Council (FRC) has published the findings of its review of companies’ viability and going concern disclosures which found there were several areas where viability and going concern reporting could be improved.
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have published a joint discussion paper on developing a common framework for measuring value for money (VFM) in defined contribution (DC) pension schemes. The aim of the two regulators is to drive a long-term focus on VFM across
The Financial Conduct Authority (FCA) has published a new strategy aimed at giving consumers the confidence to invest, supported by a high-quality, affordable advice market, which should lead to fewer people being scammed or persuaded to invest in products too risky for their needs. The consumer inv
The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers
The Financial Reporting Council (FRC) has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019.
The Strathclyde Pension Fund has been approved as a signatory to the Financial Reporting Council’s UK Stewardship Code. The UK Stewardship Code is renowned globally as a best-practice benchmark in investment stewardship, and comprises a list of principles for asset managers, owners and service
The Financial Reporting Council’s (FRC) Executive Counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG, a former KPMG partner and certain current and former KPMG employees.