Today’s news in brief – 28/4/2025
Karen Scholes CA has been appointed president of the Institute of Chartered Accountants of Scotland (ICAS) for 2025/26, making her the sixth woman to hold the role in ICAS’ 171-year history. Scholes, partner director of Scholes CA, succeeds Alison Cornwell CA. Her leadership will focus on the evolving role of Chartered Accountants, leveraging emerging technologies like AI, and shaping sustainable economies. David Cruickshank CA becomes deputy president, and Jonny Jacobs CA takes on vice president. Scholes’ appointment marks a milestone in the organization’s legacy, with a forward-looking agenda to guide the profession into the future.
Nikhil Rathi, CEO of the Financial Conduct Authority (FCA), aims to reduce regulatory barriers to help companies raise capital on the public markets. His reforms will streamline the prospectus process for companies already listed on the London Stock Exchange (LSE), allowing them to raise up to 75% of their value without a prospectus. These changes are part of broader efforts to make the UK more competitive with financial hubs like New York. Rathi, reappointed for a second term, is also reviewing the FCA’s extensive rulebook, cutting down red tape and supporting growth for businesses in the UK.
Bibby Financial Services (BFS) has appointed Mark Holloway as its Chief Information and Technology officer (CITO) as part of its growth strategy. Holloway brings over 20 years of experience in financial services and technology, including his previous role as CTO at Ashman, a digital start-up that secured a UK banking license. At BFS, Holloway will focus on empowering the company’s people with innovative technology to better support SMEs globally. BFS Chief Operating Officer Richard Olver emphasised the company’s strategy to accelerate growth through digital transformation, highlighting Holloway’s expertise in delivering impactful technology change.
FRP Corporate Finance advised Trust Property Management Group on its sale to PHM Group, marking the sixth deal in the property management sector for FRP. Trust, specializing in premium residential properties in Central London, will continue operations under PHM’s ownership. The acquisition strengthens PHM’s presence in the UK market, following its recent expansions into Germany and Switzerland. FRP, led by Clive Hatchard, supported the transaction from initial discussions to finalizing the sale. The deal is set to complete by July 2025, pending approval from the UK Financial Conduct Authority. The transaction is part of ongoing consolidation in the property management sector.
