FSA publishes Business Plan for 2010/11

The Financial Services Authority (FSA) has today published its Business Plan setting out its priorities for 2010/11.

Relentless flow of employment law is stifling UK competitiveness, says BCC

The relentless flow of complex employment law is stifling UK competitiveness and risks future job creation, according to a new report by the British Chambers of Commerce (BCC).

Bank payroll tax

Further changes to the scope of bank payroll tax in relation to capital resources requirement, excluded companies and banking groups have been announced.

FRC Statement on issues raised in report on Lehman Brothers

Following the publication of the recent report on Lehman Brothers, the FRC is ascertaining the facts on how the “Repo” transactions were accounted for and audited in the UK in order to determine any implications. To that end, we have asked Ernst & Young to provide further information in relation to what happened in the UK.

FSA and Police contact 1,000 share fraud targets after seizing another boiler room 'master list'

The Financial Services Authority (FSA) and City of London Police (CoLP) have contacted 1,000 people across the UK to warn them that their personal details are on a ‘master list’ being used by fraudsters to target and sell them worthless shares.

Making Corporate Reports Readable

The Institute of Chartered Accountants of Scotland's publication Making Corporate Reports Readable demonstrates that it is possible to produce a corporate report in less than 30 pages which tells management’s story of what is important – eliminating the boilerplate narrative and providing decision-useful information

Assessing possible sources of systematic risk from hedge funds

In the conclusion to this report, the FSA state that:-
The results from this survey work were mostly in line with our expectations. The HFACS data suggests that on 31 October 2009 major hedge funds did not pose a potentially destabilising credit counterparty risk across the surveyed banks.

FSA returns £270,000 to victims of share fraud

The Financial Services Authority (FSA) has recovered approximately £270,000 as a result of action taken against companies involved in a share fraud activity.

Framework to give businesses greater certainty on tax policy

The Government has published a draft Tax Framework for business. Developed in discussion with the Business-Government Forum on Tax and Globalisation, the document is intended to provide greater certainty for large businesses about the Government's approach to the development of tax policy

Finance is fighting to function finds PwC study

A new study by PricewaterhouseCoopers LLP (PwC) into the effectiveness of the finance functions at over 100 of the top 200 FTSE companies and international companies, has highlighted a gap between the expectations of business leaders for their finance functions and the role the functions actually perform.

Faculty blasts rights of audience review

Severe criticisms of the Thomson review's draft recommendations on rights of audience in Scotland's supreme courts have been unleashed by the Faculty of Advocates.

In its response, published today, to the review carried out by banker Ben Thomson, at the request of the Scottish Government, the Faculty claims that the report contains “fundamental deficiencies”.

Maintaining financial stability across the United Kingdom's banking system

Banks are vital to the functioning of the economy. In 2007, financial institutions across the world began to encounter difficulties raising the funds needed to keep their operations going, leading to a crisis of confidence in the banking system. In response, governments have intervened to support the financial system.
The complexity of the problems across the financial sector and the speed with which events unfolded presented the Treasury and the other Tripartite Authorities with a formidable challenge.

FSA chief executive officer to step down in the summer

The Financial Services Authority (FSA) today announces that Hector Sants will leave the organisation in the summer of 2010, after three years as chief executive officer (CEO).

FSA outlines latest steps to address corporate governance at firms

The Financial Services Authority (FSA) has today issued a Consultation Paper (CP) on effective governance standards within firms.

Tax Group warning over 'code mistake'

HM Revenue and Customs (HMRC) are being urged to do more to alert people that they may have been sent the wrong tax code.
The Chartered Institute of Taxation (CIOT) is calling on HMRC to be proactive and mount a publicity campaign to highlight that wrong information is being sent out to huge numbers of people that, unless corrected, may cost them hundreds of pounds.

The Audit Firm Governence Code

With a committee chaired by Norman Murray, the introduction to this publication states:
The Audit Firm Governance Code (the Code) is intended to assist in promoting continuing confidence and choice in the market for the audit of listed companies and should be relevant to everyone who sees audit as playing a vital role in a market economy. The primary purpose of the Code is to provide a formal benchmark of good governance practice against which firms which audit listed companies can report for the benefit of shareholders in such companies.

CBI reacts to Obama bank regulation plan

Responding to the announcement by US President Barack Obama to make major regulatory reforms to the banking sector, Richard Lambert, CBI Director-General, said:
"A unilateral move of this nature undermines the considered G20 approach for effective global reform."

Government fulfils its pensions promise helping thousands who lost their savings

Thousands of people who lost pensions when their employers went bust will get at least 90 per cent of their pensions guaranteed, as the final phase of the Financial Assistance Scheme (FAS) regulations are put before Parliament. The Government will pay out £3.5 billion to around 150,000 people.
Minister of State for Pensions Angela Eagle said:
“The Government is completing its promise to provide a just and final settlement for those who lost pension savings when their employers went bust. There can be few greater cruelties than to find the pension you have earned has suddenly disappeared through no fault of your own. That is why the Financial Assistance Scheme, which we are completing with these regulations, is so important to around 150,000 people.”

Banks are different: should accounting reflect that fact?

Speech by Adair Turner, Chairman, FSA
The Institute of Chartered Accountants in England and Wales (ICAEW), London
London, 21 January 2010
FSA chairman, Lord Turner,called for close engagement between global accounting standard setters and those responsible for prudential regulation of the banking sector to address issues arising from the unique systemic nature of banks.

FSA fines Standard Life £2.45m for serious systems and controls failures

The Financial Services Authority (FSA) has today fined Standard Life Assurance Limited (SLAL) £2.45m for serious systems and controls failings that resulted in the production of misleading marketing material for its Pension Sterling Fund (the Fund). There were approximately 98,000 retail consumers invested in the Fund as at 23 December 2008.