NEWS - ACCOUNTANCY & FINANCE
A study from SavoyStewart.co.uk has shown that the finance and insurance sector is leading the way for cyber security investment.
The study, which analysed Gov.uk data from over 800 companies, comes after separate figures from the Business Continuity Institute showed that more than 50% of business believe that cybercrime is their biggest threat.Read more >>
Figures collected by Big Four accountancy firm EY have shown that M&A activity in the financial services sector is thriving, with more than 80 deals being completed in the first half of 2018.
The surge in deals comes as a result of financial services firms facing tough competition in the sector, while low interest rates have also contributed to the boost in M&A activity.Read more >>
Research from UK job board CV-Library has shown that some of the UK’s key industries saw a significant increase in pay in June, with accounting making the list.
The study compared data from June 2018 with figures from the same period in 2017 and found that advertised salaries for new jobs increased by 1.2% across the UK.Read more >>
Financial start-up support charity The Finance Innovation Lab has released a report calling for a new regulatory compass, with financial regulators in the UK being urged to adopt a purpose-driven approach to financial regulation.
The report, entitled The Regulatory Compass: Towards a purpose-driven approach to financial regulation, suggests that regulators change their approach to make sure that the financial sector can deliver for the UK economy and society after Brexit.Read more >>
A study from recruitment firm Hays Accountancy and Finance has revealed what workers in the finance sector want from their employers.
The recruitment firm’s What Workers Want study surveyed 14,000 professionals, more than 2,000 of whom were finance professionals, and revealed the top reasons for workers being deterred from a job role, as well as the most important factors to consider when deciding on a job role.Read more >>
Figures from the Department for International Trade (DIT) have shown that a strong global interest in the UK’s financial and travel services is helping to drive services exports growth, with a 4.2% rise in services exports.
Exports of goods and services from the UK hit a record high of £620.2bn in the year leading up to March 2018, with demand for high-quality services from Britain remaining strong.Read more >>
The latest figures from the Association of Professional Staffing Companies (APSCo) have shown that the number of candidates securing permanent placements in the financial services sector increased by 17% year-on-year in May 2018.
The figures, which focus on professional recruitment, also showed that while there was a drop in permanent vacancies, the number of candidates in permanent jobs increased by 9% over the 12-month period.Read more >>
Figures from banking and finance trade association UK Finance have highlighted the success of its Banking Protocol, with the scheme helping to prevent £24.7m of fraud and leading to more than 195 arrests being made since its launch last year.
The scheme enables banks to report any suspected fraud incidents, with affected branches being made a priority and receiving an immediate response from the police.Read more >>
Chancellor Philip Hammond has announced the launch of a new Green Finance Institute and a Financial Services Skills Taskforce.
The institute will enable London to retain its status as a leader in green finance, while the industry-led taskforce will ensure that the UK’s financial services sector has access to skilled workers.Read more >>
A report from recruitment agency Randstad has shown that financial services firms in the UK are offering higher salaries as they prepare for regulatory changes that could be caused by the UK’s exit from the EU.
The annual report, which is entitled “Paying Attention” and looks at salary trends in the Square Mile, showed that banks are offering higher salaries in compliance, audit and risk as they prepare for any issues that could arise from the government failing to achieve an EU deal that will protect the City of London.Read more >>
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.
Read more >>
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.
Read more >>