NEWS - ACCOUNTANCY & FINANCE

London-based fintech company to launch new global currency

A London-based financial technology company is to launch a new global currency in the fourth quarter of 2017.

Glint, a start-up company that is regulated by the Financial Conduct Authority, has raised £3.1 million in funding from high-profile investors in the financial services and asset management sectors.

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UK banks offer glimpse into open banking with £5m fund

With open banking to be introduced in 2018, banks have provided a glimpse into what the practice will look like by contributing towards a £5 million prize fund for Nesta’s Open Up Challenge.

Lloyds, Barclays, Royal Bank of Scotland, and Santander are among the banks that have funded the competition, which offers fintech start-ups the opportunity to experiment with open banking.

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Accountancy sector continues to grow, figures show

Figures from the Financial Reporting Council (FRC) have shown that accountancy student numbers have risen to 164,000 in the UK.

There has also been growth in the number of female members and students, with 35 per cent of members now being female.

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Metro Bank tops biggest survey of financial consumers in Britain

Metro Bank has been named Britain’s most trusted financial provider, in the biggest survey of financial consumers in Britain. The survey was carried out by financial advice website Moneywise for the Moneywise Customer Service Awards 2017.

The challenger bank earned the top spot for the second year running, after 50,000 Moneywise readers provided feedback on major banks, insurance companies, and peer-to-peer lenders. 

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Santander moves into private banking sector with new service

June 21 ,2017 | by Hari Sri

Santander has moved into the private banking sector with the launch of a new service for the bank’s high-end clients.

Santander Private will be aimed at customers that have investments and savings of more than £500,000 or a yearly income of more than £250,000.

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Research reveals financial planning trends of millennials

June 06 ,2017 | by Hari Sri

Research from global asset management firm Legg Mason has revealed the financial planning trends of UK millennials, with smartphones being found to be the most popular way of engaging with financial services.

The Global Investment Survey found that over 90 per cent of millennials aged between 18 and 35 use a smartphone to access the internet, compared to 52 per cent of those aged between 53 and 71. However, just 16 per cent of respondents were found to be in favour of technology-led financial planning. 

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Challenger banks leading the way in UK, research shows

Challenger banks are leading the way in the UK, outperforming their high street counterparts in meeting the needs of their customers when it comes to digital payments, innovative services and account connectivity, according to research from financial services technology provider FIS.

The third annual PACE (Performance Against Customer Expectations) study surveyed 1,000 British banking customers, asking them about their banking experiences and how well their provider is meeting their banking needs.

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City of London is a key global hub for fintech companies

The City of London has become a key global hub for fintech companies over the past decade, according to UHY Hacker Young.

Research from the national accountancy group showed significant growth in the City’s economy, making it the strongest in the UK over the past decade.

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Survey shows optimism boost in financial services sector

Businesses in the financial services sector felt more optimistic in the first quarter of 2017 than in the previous quarter, despite uncertainty over Brexit, according to the most recent CBI/PwC Financial Services Survey.

The quarterly report surveyed 98 businesses and found that the level of optimism was varied across sectors, with investment managers, building societies, insurance brokers and life insurers feeling the most optimistic in the first quarter of the year.

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Study reveals banking preferences of UK adults

A study commissioned by Lithium Technologies has revealed the banking preferences of adults in the UK, with over 60 per cent saying that they would prefer to do their banking online than at a physical branch.

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Financial education helps employees cope with life issues, research finds

Financial education in the workplace can help employees to cope with life issues, with 48 per cent believing that it would enable them to save for retirement, according to a report from Capita Employee Benefits.

The Insight report surveyed over 1,800 employees aged 16 or over in the UK and found that over 75 per cent believe that being provided with financial education would enable them to cope with issues such as saving for retirement or saving up for a deposit on a mortgage.

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Fintech investment reaches two-year high in 2017, report shows

Fintech investment between the UK and mainland Europe reached a two-year high in 2017 despite the uncertainties over Brexit, according to a report from professional services and Big Four firm KPMG.

The report showed that fintechs in the UK attracted $226 million in venture capital (VC) funding in the first quarter of the year, up by 28 per cent from $178 million in the fourth quarter of 2016.

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UK investors continuing with plans despite Brexit, research shows

A report from Market Finance Solutions has shown that investors in the UK are forging ahead with their investment plans despite Brexit.

Out of the 1,000 investors who were surveyed, 37 per cent believe that the upcoming Brexit negotiations will provide a good opportunity for short-term investment.

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Research shows increase in asset-based finance to businesses

March 15 ,2017 | by Claire Payne

Research from the Asset Based Finance Association (ABFA) has shown that asset-based finance to businesses in the UK has reached £22.2 billion, up by 13 per cent from £20.6 billion in 2016.

The research identified the key reason behind the rise, with the increase in businesses turning to asset-based finance and supplementing traditional sources of finance to help boost business growth and finance the development of new products being the main driver.

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Accountants were in high demand last year, survey shows

February 27 ,2017 | by Claire Payne

There was a high demand for newly qualified accountants in 2016, according to the UK Salary Guide by specialist recruitment agency Morgan McKinley.

The guide showed that 2016 was a good year for accounting and finance, with strong demand in both sectors, particularly for auditors who were looking to move into the industry.

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Royal Bank of Scotland launches loan service for SMEs

February 16 ,2017 | by Hari Sri

Royal Bank of Scotland (RBS) is to launch a digital site that will offer business loans to small and medium-sized businesses within hours.

The site, which is named “Esme”, was developed by RBS’s in-house innovation lab and is being launched under the NatWest brand.

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Brexit will increase demand for accountants, according to research

February 15 ,2017 | by Erin O’Neill

Brexit will increase demand for accountants, according to a poll from YouGov commissioned by the Association of Chartered Certified Accountants (ACCA) and the Association of Accounting Technicians (AAT).

The survey, which looked at the attitudes of MPs, found that over 45 per cent believe that the UK’s exit from the EU will have a positive impact on the accountancy profession, as accountants will be able to provide advice to clients on the financial implications of the vote.

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HMRC releases further information on digitising tax

February 02 ,2017 | by Erin O’Neill

Following consultations with the business community, HM Revenue & Customs has released further information on their Making Tax Digital initiative.

HMRC received over 3,000 replies from the consultations.

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Guide to help businesses avoid late payments published

February 01 ,2017 | by Claire Payne

Guidance to help large businesses improve their payment practices and pay their suppliers on time has been published.

The guide comes after research from payment processor BACS found that almost half of small and medium-sized businesses have problems with late payments, with over £26 billion being owed to them.

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Brexit could drive demand for financial education, research shows

January 26 ,2017 | by Helen Gould

Over 60 per cent of employers in the UK believe that the impact that Brexit has on the UK’s economy could lead to more demand for financial education in the workplace, according to Nudge’s Financial education yearbook 2016/17 report.

The report surveyed over 300 employers and found that 32 per cent already provide their staff with financial education in the workplace, whilst 54 per cent are planning to introduce it or have already started introducing it.

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Accountants want flexibility when considering a new job, survey shows

January 23 ,2017 | by Helen Gould

Research from the Chartered Institute of Management Accountants (CIMA) and Global Accounting Network has found that over half of qualified accountants are motivated by flexibility when taking a new job role into consideration.  

The CIMA 2016 salary insights report surveyed over 3,400 of CIMA’s student accountant members and over 4,400 qualified accountant members and found that 55 per cent of qualified accountants would like a new job that offers flexibility and a better work-life balance, up from 37 per cent in 2015. 

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ACCA outlines key priorities for accountancy success

January 04 ,2017 | by Helen Gould

The Association of Certified Chartered Accountants (ACCA) has released a checklist outlining the key priorities for achieving success in the accountancy profession in the new year.

The checklist is aimed at accountancy professionals, business leaders and policy makers and consists of a wish list to help professionals deal with uncertainties in 2017, including the upcoming negotiations over Brexit. 

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Research shows increase in Christmas tax returns

December 30 ,2016 | by Helen Gould

Research from HM Revenue and Customs has shown that more self-employed workers are choosing to complete their tax return early, with 14,000 people filing their return over the Christmas period.

The research found that 1,944 people filed their tax return online on Christmas Day, a decrease of 100 from last year.

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Number of jobs in London’s finance sector increases, report shows

December 13 ,2016 | by Erin O’Neill

Recruitment agency Morgan McKinley has found that the number of jobs in London’s finance sector has increased since the EU referendum.

The company’s London Employment Monitor showed an increase of 6 per cent year-on-year in November, indicating that employment in the City could remain strong.

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Sage’s global event is coming to London

November 29 ,2016 | by Erin O’Neill

Accounting software company Sage has announced that its annual global event road show will be coming to London next year.

The Sage Summit Tour will be held in London from 5th April to 6th April 2017 and will offer learning, training and networking opportunities for entrepreneurs.

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