Today’s news in brief – 25/3/2025
The Financial Reporting Council (FRC) has fined PwC £4.5m for its inadequate audit of Wyelands Bank’s financial statements for the year ending April 30, 2019. The fine was reduced to £2.89m for PwC’s cooperation. Auditor Jonathan Hinchcliffe was also fined £33,412. The FRC identified failures in risk assessment, compliance audits, and evaluation of related party transactions. The breaches stemmed from a lack of understanding of the bank’s lending and risks related to the GFG Alliance. Wyelands Bank ceased new credit transactions in 2020 and began winding down its operations.
Xeinadin has acquired Curtis Bowden and Thomas, a Welsh accountancy firm with offices in Tonypandy and Bridgend. The 22-member team will continue operations while accessing Xeinadin’s international network. This expansion enhances Xeinadin’s presence in Wales to support SMEs facing economic challenges. Recent budget changes have heightened financial stress for Welsh business owners, with 64% experiencing high stress levels. Curtis Bowden and Thomas leaders expressed confidence that the acquisition will provide additional resources and expertise to help local businesses overcome regional challenges and achieve growth.
US accountancy firm BPM LLP has launched operations in the UK, marking its continued global expansion. Following its Canadian entry in June 2024, the firm appointed Adam Dunnett, Dominic King, Sean O’Sullivan, and Nick Whitehead as partners to lead its UK growth. BPM aims to offer integrated audit, tax, and advisory services to international businesses. CEO Jim Wallace highlighted the UK’s strong financial and tech sectors as key factors in the expansion. The UK partner group emphasized BPM’s commitment to supporting clients with local expertise and global insights across various industries.
The Financial Conduct Authority (FCA) has launched a five-year strategy focusing on enhancing regulation, supporting growth, empowering consumers, and combating financial crime. The plan aims to foster economic growth by encouraging investment and innovation. The FCA will improve its processes, utilize technology, and streamline supervision to reduce regulatory burdens. Additionally, it will strengthen efforts against financial crime and promote Open Finance for greater data-sharing. Chair Ashley Alder and CEO Nikhil Rathi emphasized the FCA’s commitment to maintaining high standards, deepening trust in financial services, and fostering a competitive and resilient financial sector.
