The Financial Reporting Council (FRC) fined EY £250,000 for breaching the Revised Ethical Standard 2019 during the audit of Russian steel company Evraz. EY exceeded the 70% fee-cap on non-audit services for the 2021 audit, which is meant to ensure auditor independence. The FRC also issued non-financial sanctions, including a reprimand and a requirement for EY to conduct a root-cause analysis. EY self-reported the breach and has since improved its internal processes. Evraz, a Russian firm listed in London, had EY as its auditor until November 2022, when sanctions against Russia prompted EY’s resignation.
Quantuma has appointed Scott Peters as managing director, where he will lead the Midlands corporate finance and national debt advisory practices. Based in Birmingham, Peters brings significant experience from his background in banking and corporate finance, including roles at RBS and CYBG PLC. His appointment follows Brian Milne’s recent addition as Managing Director in Glasgow. Peters is expected to enhance Quantuma’s capabilities, especially in providing quality advisory services to SMEs. His arrival is part of Quantuma’s broader strategy to expand its regional presence and service offerings across the UK.
The Financial Cnduct Authority (FCA) is expanding its Leeds office, increasing its floor space by 35% to accommodate over 100 new employees. The expansion reflects the FCA’s success in Leeds since opening the office in September 2022, where it currently employs nearly 240 staff. The new space at 6 Queen Street will open in the autumn following a refurbishment starting in late summer. FCA chief executive Nikhil Rathi highlighted the benefits of the Leeds office in attracting diverse talent. Tracy Brabin, Mayor of West Yorkshire, praised the expansion as a vote of confidence in the region’s growing financial services sector.
Yorkshire-based creative agency JMP Health has transitioned to an Employee Ownership Trust (EOT) with the help of Azets, a regional advisory firm. Founded in 1993, JMP Health specialises in healthcare marketing. The transfer, which sees 100% of shares moved to the workforce through a trust, ensures the continuation of the company’s culture and values. Managing Director Paul Russell will remain in his role post-transition. Azets provided deal and tax advisory services, while Ramsdens Solicitors offered legal counsel. The move is seen as a strategic step to secure the company’s future growth and maintain its service quality in the healthcare sector.
