Today’s news in brief – 23/7/2024
Bishop Fleming has achieved double-digit organic growth, reaching over £43m in revenue for the fiscal year ending May 31, 2024. This success aligns with its ambitious five-year “Better Growth” strategy aimed at doubling its business size. Managing Partner Andrew Sandiford attributes this growth to a focus on sustainable practices, including significant investment in a new ERP platform to enhance client service and employee experience. The audit service line has notably expanded, serving a significant portion of the South West’s top businesses. The firm plans to further increase its headcount, with 75 new apprentices joining in 2024.
RSM UK has appointed Tom Stevens as a partner to enhance its financial services audit team. With over 13 years of experience at KPMG, Stevens brings extensive knowledge of regulatory requirements under IFRS, UK GAAP, and US GAAP. His expertise includes accounting standards conversions and audits for financial services, payment services, retail banks, and capital markets. Stevens will focus on supporting clients in London and the South East, helping them navigate complex audit landscapes. Peter Allen, RSM UK’s head of financial services, highlighted Stevens’ appointment as pivotal for maintaining premium client support and managing audit risks.
The Financial Reporting Council (FRC) has introduced major revisions to the UK Stewardship Code to enhance capital markets and reduce reporting burdens. Following extensive stakeholder engagement, the FRC’s updated code will focus on defining effective stewardship, improving transparency, reducing reporting requirements, and aligning with other regulators’ objectives. Immediate changes include easing annual disclosure requirements and clarifying stewardship outcomes. These revisions aim to streamline processes for signatories and support the UK’s reputation as an investment destination. A formal public consultation will follow, and the FRC will engage further with stakeholders to refine these updates.
A study by Investec Wealth and Investment UK reveals that the potential retirement of financial advisers is a significant concern for clients. Of those surveyed, 61% would stay with the same firm, 31% would seek a new adviser, and 8% would stop using advisers altogether. The research indicates that 21% of clients believe their adviser will retire within two years, while 41% expect it within five years. Additionally, 49% of advisers plan to retire within five years. This concern highlights the importance of succession planning in financial advisory firms to ensure continuity and client confidence.
