NEWS - ACCOUNTANCY & FINANCE
Figures from UK Finance have shown that contactless payments are rising in popularity, leading to debit cards becoming the top payment method in the UK.
The finance and banking trade association’s 2018 UK Payments Market Review showed that debit cards have overtaken cash as the most popular payment method, with 13.2 billion debit card payments being made in 2017, compared to 13.1 billion cash payments.Read more >>
Clydesdale Bank and Yorkshire Bank owner CYBG has confirmed that it has agreed to buy financial services brand Virgin Money for £1.7bn, a move that will create one of the largest banks in the UK.
The deal includes an agreement over shareholders, with Virgin Money’s shareholders set to receive 1.2125 new CYBG shares for each Virgin Money share that they hold. The financial services firm’s shareholders will own 38% of the newly merged bank.Read more >>
A study from accountancy firm Smith & Williamson has shown that financial services firms are feeling confident about their prospects, with three in four expecting improvements over the next 12 months.
The study of more than 1,000 businesses found that nearly half believe that their prospects will improve significantly over the next 12 months, with businesses feeling mostly positive about recruitment.Read more >>
Several UK banks have signed up to a group that will focus on the fairness of business banking for SMEs.
Lloyds, RBS, Barclays, Santander, HSBC, Triodos UK and Clydesdale are among the banks that have joined the group, which is run by UK banking and financial services trade association UK Finance and the Lending Standards Boards (LSB) in partnership with the all-party parliamentary group (APPG).Read more >>
There are many routes into accountancy, are you confused whether to go into audit, statutory reporting or management accounting amongst others? Which one is the right one for you?
LSBF ‘Being Global - Future-proof your career in accountancy’ conference on 11th June has been designed to give clarity and advice on which is the right career path for you.Read more >>
The Association of Accounting Technicians (AAT) is the first accounting body to lend its support to a multi-business, cross-party campaign aimed at introducing retention deposit schemes targeted at SMEs. The new scheme would put an end to the practice of withholding payments for unreasonable amounts of time and remove the risk of losing retention costs via contractor bankruptcy.
Conservative MP Peter Aldous kick-started the campaign with the introduction of a Private Members’ Bill in order to protect retention deposits in conjunction with construction contracts.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
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.Read more >>
The Lord Mayor of London, Charles Bowman, is to help strengthen the City of London’s trade links with Chile.
Bowman, who is also the global ambassador for the UK’s financial and professional services industry, will be visiting Chile to meet with business leaders, trade bodies and regulators to talk about how the City of London can in tandem with businesses in Chile as they look to invest in boosting growth both domestically and overseas.
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The Institute of Chartered Accountants in England and Wales (ICAEW) is collaborating with business support firm Enterprise Nation to create a new business advisor platform aimed at small businesses in the UK.
The platform will provide small companies and entrepreneurs with better access to accountants and business advisors, enabling them to receive the valuable support and advice that they need to boost their chances of being successful.Read more >>
The latest figures from the Association of Professional Staffing Companies (APSCo) have shown an increase in permanent placements, with financial services showing a higher than average increase in permanent hiring.
The figures, which focus on professional recruitment in the UK, showed that permanent placements increased for the 13th month running, with a rise of 9% - a sustained growth that doesn’t look like slowing down anytime soon.Read more >>
Brand valuation consultancy Brand Finance has revealed the most valuable brands in the UK, with several banks making the list.
The report revealed the value of each brand, showing that despite worries over the vote for the UK to exit the EU, businesses in the UK are responding well to the challenges of Brexit.Read more >>
A study from short-term loans company Satsuma has shown that millennials place the most trust in banks when it comes to the protection of their personal information.
The survey looked at the online habits of 1,000 millennials and found that the majority of adults aged between 18 and 34 trust their banks to keep their personal information safe and private.
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Research from Lloyds Banking Group has shown that financial services leaders are feeling positive about the sector’s future, with the majority believing that the UK will continue to be Europe’s leading financial hub after Brexit.
The study also revealed that, despite optimism in the sector, Brexit is still seen as the biggest risk, with 55% saying that they are worried about the effect that it will have on growth.Read more >>
The Bank of England (BoE) has announced plans to introduce new cyber standards to help boost protection from cybersecurity attacks amongst financial services firms.
The new standards will be published by UK financial services regulatory body the Prudential Regulation Authority (PRA), which is led by BoE Deputy Governor Sam Woods.Read more >>
The finance industry has launched an Action Plan to help raise awareness of everyday banking services at thousands of Post Office branches across the UK.
The plan, which was developed in partnership with the Post Office and HM Treasury and is set to be put into action in the third quarter of 2018, will be beneficial to customers living in rural or urban areas who have limited access to bank branches.Read more >>
Research from CV-Library has shown that accountants and recruiters share similar views when it comes to looking professional for a potential job role.
The study surveyed 1,100 employees and more than 200 recruitment professionals to find out their views on posting information on social media and how this affects an employer’s view of potential employees.Read more >>
A study from market research agency BDRC has shown that the number of SMEs planning to apply for finance increased in 2017, rising from 10% in the first quarter to 14% in the last three months of the year.
The company’s SME Finance Monitor surveyed 132,000 businesses and also found that more SMEs are becoming aware of peer-to-peer (P2P) lending, with more than 30% being aware of this type of finance in the final quarter of 2017.Read more >>
Experienced bankers are moving into the alternative finance sector, creating an ideal environment for SMEs seeking finance, according to alternative finance provider ThinCats.
The peer-to-peer lending company discussed the trends that have taken place in the banking sector over the past decade, with the main change being the loss of high street branches as banks shift to digital services.
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Statistics from the Department for Business, Energy and Industrial Strategy (BEIS) have shown an increase in the number of women in senior positions in the UK’s largest companies.
The data, which coincides with International Women’s Day, showed that women now make up nearly 29% of FTSE 100 board positions, an improvement on 2011’s figure of 12.5%.Read more >>
Several initiatives have recently been launched by the Professional services and Big Four firm PwC to help SMEs raise funding and boost their growth.
The service, which is called Raise Investment, will target businesses with an annual turnover of more than £1 million that are looking to raise £1 million to £10 million in funding.Read more >>
Research from the British Business Bank has shown small businesses in the UK are turning to alternative sources to obtain finance.
The 2018 Small Business Finance Markets report showed growth in equity and alternative finance, with the value of SME asset finance deals increasing by 17 per cent last year and peer-to-peer business lending and SME equity deals up by 51 per cent and 12 per cent respectively.Read more >>
Figures from Global Accounting Network have shown more than half of FTSE 100 CEOs are finance professionals.
The finance recruitment agency carried out an analysis of bosses from each FTSE 100 company and found nearly a fifth have an accountancy qualification.Read more >>