Prudential Regulation Authority

DORA in the UK: What tax specialists and their IT providers need to know 

January 2025 saw the EU’s Digital Operational Resilience Act (DORA) come into force. Applicable to a wide range of financial entities, DORA aims to improve the digital resilience of financial organisations and their third-party technology providers.   UK-based firms operating within the EU must now comply with a comprehensive number of…

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PwC fined £4.5m over Wyelands Bank audit

The Financial Reporting Council (FRC) has announced that PwC has been fined £4.5m for the unsatisfactory audit of the financial statements of Wyelands Bank for the financial year ended April 30, 2019. The sanction was reduced to £2.89m for co-operation and admissions but the firm has still been severely reprimanded…

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How to know if a bonus deferral scheme is right for your Financial Services business

After facing heightened budget concerns for so long through this cost-of-living crisis, and now with a change of government adding to uncertainty, financial services businesses need resourceful ideas for how to ease pressure on their balance sheets.One possibility for employers is to apply a bonus deferral scheme. In this set-up,…

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Today’s news in brief – 16/9/2024

Hall Livesey Brown, a Cheshire-based firm of Chartered Accountants, has been named one of the top 100 small businesses in the UK by Small Business Saturday’s SmallBiz100 campaign. Founded 100 years ago and based in Tarporley, the firm has supported independent businesses for decades. This recognition comes during their centenary…

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Lending regulations clarity provides UK SME lifeline, says RSM UK

The PRA (Prudential Regulation Authority) has signalled it intends to limit the effects of withdrawing the SME supporting factor as part of the Basel 3.1 reforms. It will do this by introducing a ‘lending adjustment’ to avoid the risk of lenders increasing SMEs’ borrowing costs once the Basel 3.1 reforms…

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A guide to navigating complex financial regulations

In the ever-evolving landscape of financial regulation, UK accountants find themselves navigating a labyrinth of rules, standards, and compliance requirements. As guardians of financial integrity and compliance, accountants must stay abreast of these changes to effectively guide their clients and organisations. This guide aims to provide a comprehensive overview of…

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Deloitte appoints two new independent non-execs

Deloitte UK and North and South Europe (NSE) has appointed Sir Hugh Robertson and Elisabeth Stheeman as independent non-executives (INEs), further strengthening the firm’s governance and oversight of its audit business.  Sir Robertson is chair of Birmingham airport and the British Olympic Association, and was the first independent chair of…

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Today’s news in brief – 11/3/2024

The Financial Reporting Council (FRC) is contemplating relocating its headquarters from the City of London to Canary Wharf or Stratford. Plans to move staff to a second office in Birmingham face delays. The move may leave the Prudential Regulation Authority as the only major City regulator in the financial district.…

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FRC plans to leave City of London

The Financial Reporting Council (FRC) is considering moving its headquarters out of the City of London to Canary Wharf or Stratford, according to the Financial Times. The news comes as plans to relocate staff from London to a second office in Birmingham office face delays. People familiar with the matter…

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Chartered IIA urges OFWAT to address audit weaknesses

The Chartered Institute of Internal Auditors (Chartered IIA) has raised concerns about audit weaknesses at several major water suppliers. Chartered IIA said that Ofwat has “so far failed to put in place any requirement for water suppliers to have internal audit capability”, which would help them self-identify weaknesses. This is…

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