Regulatory

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

The Financial Conduct Authority (FCA) has fined Professional Personal Claims Limited (PPC) £70,000 for misleading consumers through its websites and printed materials. This decision follows the transfer of regulatory responsibility for claims management companies (CMCs) to the FCA on 1 April 2

The Financial Conduct Authority (FCA) has today launched a Call for Input (CfI) on the opportunities presented by so-called ‘open finance’. Open finance builds on the principles of open banking – the sharing of data which provides new ways for customers and businesses to make the m

To support the delivery of high-quality audit in the UK, the Financial Reporting Council (FRC) has today issued a major revision to its Ethical Standard and revised Auditing Standards. The changes will help to strengthen auditor independence, prevent conflicts of interest and ensure the UK is seen a

The Financial Reporting Council (FRC) is planning a drastic change to rules governing company boards which will place more responsibility on directors to vouch for the integrity of their financial controls. The changes arrive in response to the scandals at Carillion, Patisserie Valerie, M&C Saat