Today’s news in brief – 22/7/2024
Ballards has appointed Peter Henry as its new governance and risk director, bringing over 30 years of experience in audit, compliance, and risk management. Henry’s career began in the 1990s in internal audit roles within the civil service and local government before moving to major companies like Fujitsu and Caterpillar. At Ballards LLP, he will streamline governance processes, focusing on anti-money laundering, ICAEW regulations, and data privacy. His strategic approach aims to create efficient systems without unnecessary duplication. His expertise is expected to bolster Ballards LLP’s ability to meet regulatory demands and manage risks effectively.
Bibby Financial Services (BFS) has expanded its Marine Finance division, appointing a new team of specialists to enhance support for the maritime sector. Led by Paul Ratcliffe, the division now includes Jason Crump, Ryan Baverstock, Chantelle Bradwell, Debbie Weir, Colleen Dalais, and April McGhee. This team, with over 80 years of combined experience, aims to support various vessel types and expand BFS’s maritime finance offerings. Richard Hargraves, Howard Quinlivan, and John Folan will support the team. This expansion reflects BFS’s commitment to integrating finance specialists with the Bibby Line Group’s heritage to grow maritime sector support.
RSM UK advises employers to review their tax-free childcare schemes following HMRC’s crackdown on incorrect tax exemption claims. HMRC can audit up to six years back, potentially resulting in significant tax and national insurance liabilities for non-compliant employers and employees. Employers should check if nursery schemes should have been taxable and report any discrepancies to HMRC voluntarily. Susan Ball, RSM UK’s employer tax partner, suggests that the new Labour government consider reopening the childcare voucher scheme to help parents return to work and increase productivity. Immediate action is recommended to avoid financial penalties.
The Centre for Public Interest Audit (CPIA) has appointed Baroness Margaret Ford as chair, marking its official incorporation as a not-for-profit. Ford, a City veteran with over 25 years of experience as a non-executive director and chair, aims to shape best practices for public interest entity (PIE) audits in the UK. The CPIA seeks to act as an independent voice for PIE auditors, providing recommendations for improvement and aligning with the UK government’s audit reform goals. Ford’s leadership will focus on enhancing audit quality and trust, supporting the Financial Reporting Council (FRC) during regulatory transitions.
