Regulatory

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

Foreign secretary Liz Truss has banned Russian businesses from using UK accountants as she announced new sanctions on Russia in wake of its invasion of Ukraine. The sanctions include a ban on services exports to Russia, cutting them off from doing business with UK sectors that are critical to the Ru

Members of Unite have embarked on strike action at the Financial Conduct Authority (FCA) today in Edinburgh and London. This industrial action is the first action since the inception of the regulator. It follows many months of refusals by FCA management to listen to the concerns of their workforce.

The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting. The research looked at a sample of 100 major com

The Financial Conduct Authority (FCA) is using emergency powers to prevent financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation. The FCA has introduced these emergency rules, without consultation, in light of th

A review by the Financial Conduct Authority (FCA) has found that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. The watchdog found that in some instances, challenger banks did not have financi

A Glasgow sheriff has refused three appeals under the Bankruptcy (Scotland) Act 2016 challenging a series of decisions made by the Accountant in Bankruptcy for a man sequestrated in 2018 considering debts said to total over £200,000. It had been determined by the AiB that there was insufficien

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against Deloitte and John Charlton, one of the firm's audit engagement partners, in relation to the statutory audit of the financial statements of Mitie Group plc, for the financial year ended 31 March 2016. Deloitt