Regulatory

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

Scores of people could be entitled to significant compensation payouts after being sold interest-only mortgages which put them at risk of being forced to move in order to pay off loans.

The International Auditing & Assurance Standards Board (IAASB) has appointed the Financial Reporting Council’s (FRC) Josephine Jackson to its board. Her appointment will commence on 1 January 2020 and will be for an initial term of three years. Ms Jackson is the FRC’s technical

St James's Place Wealth Management (SJP) has today announced its acquisition of the Linlithgow-based financial advice firm Policy Services Ltd (PSL). PSL has been a longstanding provider of administration, fee reconciliation and advice services to partners of SJP and their clients who hold non-

The Financial Reporting Council (FRC) has announced sanctions against Grant Thornton UK LLP. The sanctions are held against Grant Thornton and one of its Audit Engagement Partners in relation to the statutory audit of the 2016 financial statements of a publicly listed company.

The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have today published a shared policy summary and co-ordinated consultation papers (CPs) on new requirements to strengthen operational resilience in the financial services sector. Building the operat

New analysis from Which? reveals that banks suffer five IT failures every week, shutting millions of customers out of accounts and making payments.

Alistair Greig has appeared in court after being accused of defrauding hundreds of investors out of £13 million through an illegal “Ponzi” scheme.