LSBF Blog - Global Matters
75% of accountants are aware of Making Tax Digital, research shows
Research from accounting software provider Intuit QuickBooks has shown that 75% of accountants are aware of Making Tax Digital (MTD), a legislation that will see businesses being required to keep digital records and provide quarterly updates instead of filing annual tax returns.
The study explored accountants’ views on MTD and found that more than 35% believe that the introduction of the legislation will provide an opportunity to drive positive change within the accounting industry.
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Employers feeling more confident about UK economy, study shows
A report from the Recruitment & Employment Confederation (REC) has found that more employers are feeling positive about the UK economy, with confidence reaching its highest level since August 2017.
The study found that 30% of employers in the UK are feeling confident about the future prospects of the economy, compared to 29% who believe that economic conditions are getting worse.
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EPA calls for open banking amendments to boost fintech access
The Emerging Payments Association (EPA) is calling for the Open Banking Implementation Entity (OBIE) to make amendments to the Open Banking initiative’s framework to help financial technology firms to realise its potential.
The UK payments industry trade body believes that banks should be forced to help fintechs have access to Open Banking and that more should be done to boost consumer trust in the initiative.
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London named the UK’s most entrepreneurial region
A study from financial comparison website Know Your Money has revealed that London is the UK’s most entrepreneurial region, with 66.2% of London-based respondents considering starting their own business.
The study found that 47.6% of UK adults want to set up their own business, with this figure increasing to 64.8% for those between the ages of 16 to 24.
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British consumers are embracing financial technology, report shows
A report from UK banking and financial services trade association UK Finance and Big Four accountancy firm EY has shown that consumers in Britain are embracing fintech, with more people using new technology to interact with their bank.
The study showed that more UK consumers are using mobile banking, with the number of log-ins from mobile apps hitting 5.5 billion in 2017, up by 13% from the previous year.
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FCA advises banks to use new technologies to tackle cybercrime
UK financial regulatory body UK Finance has urged banks to use new technologies, such as artificial intelligence and machine learning, to fight cybercrime.
Discussing the issue in a speech at the FCA’s Cross-Border Anti-Money Laundering TechSprint, the regulatory body’s executive director of supervision - investment, wholesale and specialist, Megan Butler, stated that technology is crucial to the protection of institutions when it comes to financial crime.
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Report shows increase in number of UK scale-up businesses
A report from accountancy, tax and investment firm Smith & Williamson has shown an increase in the number of scale-up businesses in the UK.
The study, entitled Dream bigger: the scale-up moment, found that young entrepreneurs are the main driver of growth in scale-up businesses, with more than 40% of these businesses being founded by people aged 34 and under.
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APSCo figures show increase in permanent finance vacancies
The latest figures from the Association of Professional Staffing Companies (APSCo) have shown that the number of permanent vacancies in the financial services sector increased by 10% in the 12 months leading up to April 2018.
The research, which focuses on professional recruitment, also showed an increase in permanent placements in financial services, with an annual rise of 19%.
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Report calls for financial firms to prioritise operational resilience
A report from banking and financial services sector trade association UK Finance and management consultancy Parker Fitzgerald has highlighted the importance of financial services firms making operational resilience a priority as they adopt new technologies.
According to the study, the speed at which technology is advancing is creating new non-financial risks in the financial services sector and so businesses need to address these risks in order to protect themselves from new threats.
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Attracting talent crucial to London’s status as financial centre
A report from UK financial and related professional services membership body TheCityUK and Big Four accountancy firm EY has highlighted the importance of attracting and retaining talented workers after Brexit.
The report, which was previously a draft version but has now been released in full, includes a number of recommendations to help protect London’s status as a financial centre after the UK has exited the EU, including an improved immigration system.
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Mobile banking apps to overtake online banking
A report from industry analyst CACI has predicted that more consumers will be banking via a mobile app instead of from a computer by 2019.
The study showed that more than 20 million people used a mobile phone to manage their account in 2017 and predicts that 35 million adults in the UK will be banking via a mobile by 2023.
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London named one of the best cities for entrepreneurial millennials
Student accommodation aggregator website Nestpick has named London as one of the best cities for entrepreneurial millennials, with the city earning a place in the top ten.
More than 100 cities were included in the research, which was conducted as part of Nestpick’s larger Millennial City Ranking.
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Customers want new technologies and traditional banking services, research shows
A survey from global professional services firm Genpact has shown that customers want access to both new technologies and personal services from traditional banks.
The study surveyed 6,000 people globally, including 2,029 UK-based banking customers, and found that while more than one in four would be comfortable with using technologies, such as digital assistants, to open an account, more than 50% believe that opening an account is easier when done face to face at a bank branch.
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Financial Reporter launches awards to celebrate women in financial services
UK financial services news website Financial Reporter has launched its first Women's Recognition Awards to recognise successful women in the financial services industry.
Applications for the awards are now open, with the Financial Reporter inviting people to nominate themselves or someone who they believe deserves to receive an award.
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Global banks demand visa waiver to protect London’s financial status
Britain’s global banks are calling for a special UK visa waiver for workers after the UK exits the EU to help protect the City of London’s status as a leading financial centre.
The suggestion is one of the key recommendations in a report from UK financial and related professional services membership body TheCityUK and Big Four accountancy firm EY.
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Santander to create UK standalone digital bank for SMEs
Spanish bank Santander is to create a standalone digital bank in the UK to help more SMEs to achieve success and give the bank a bigger online presence.
The move comes after Royal Bank of Scotland announced that it would be launching a separate brand, with both banks looking to compete with the digital services offered by fintech start-up companies such as Tandem Money and Monzo.
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Fintech most popular sector among high-net-worth and professional investors
A study from private investment platform Capitama has shown that fintech is now the most popular sector when it comes to investment, with 70% of high-net-worth and professional investors looking to invest in fintech opportunities.
The research also showed that more than 65% of high-net-worth and professional investors are interested in software and technology deals.
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ICAEW issues checklist to help accountants comply with GDPR
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a checklist to help accountants follow the General Data Protection Regulations (GDPR).
All European Economic Area (EEA) countries and those who trade with them, including accountants and accountancy firms, will be required to comply with GDPR, which will be put into action on 25th May 2018.
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HSBC becomes first UK bank to launch Open Banking app
HSBC has become the first big bank in the UK to launch an Open Banking app after more than six months of testing a beta version.
The app, which is called Connected Money, follows PSD2 and Open Banking regulations, which require banks to provide third parties with access to consumers’ financial data with their permission.
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Research reveals main priorities of banks in 2018
Research from UK and offshore company formation agents Turner Little has revealed the top priorities of global banks in 2018.
The company analysed the “Global Banking Outlook 2018” report from professional services and Big Four firm EY, which surveyed 221 financial institutions across 29 markets and found that bankers are feeling positive about boosting their financial performance this year.
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Business confidence reaches two-year high, according to ICAEW
The latest Business Confidence Monitor (BCM) from the Institute of Chartered Accountants in England and Wales (ICAEW) has shown that business confidence in the UK has reached its highest level in two years.
The BCM surveyed more than 1,000 chartered accountants between January and April 2018 and found that confidence increased to 7 points in the second quarter of the year, up from -1 in the first quarter, whilst optimism amongst companies that are exporting also increased.
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Trust in UK banks reaches highest level since 2012
A new study from management consulting firm Accenture has shown that trust in UK banks has reached its highest level since 2012.
The company’s UK Financial Services Customer survey 2018 surveyed more than 4,500 people in the UK who use banking, wealth management and insurance services and found that consumer trust in banks has increased over the past couple of years, rising by 11%.
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More UK consumers are using financial apps, study shows
A study from money management app Yolt has shown that more consumers in the UK are using financial apps to help them keep control of their finances.
The research showed that 70% of UK consumers are now using financial apps, up from nearly 40% in 2016.
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British Business Bank to help small businesses boost UK economy
British Business Bank is to provide support for small businesses in the UK by taking its CRM system to phase two.
The system will provide small businesses with more access to financial markets, enabling them to grow their company, create more jobs and boost the UK economy.
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Businesses optimistic about future growth, according to BDO Index
A report from accountancy and business advisory firm BDO LLP has shown that businesses in the UK continue to be optimistic about their future growth, despite a drop in business output.
BDO’s Output Index showed that UK business output dropped from 100.05 in March to 99.97 last month, which was below the long-term growth trend of 100. However, the company’s Optimism Index found that businesses continued to feel confident about their financial prospects.
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