Financial sector Headlines

  • Tourists and tech bring resilient Iceland back from the brink

    When the country lets its banks go bust 10 years ago, there seemed to be no timetable for recovery. Things have changed Ten years since the financial crisis in Iceland, the noise of the computer servers mining for bitcoin on a former Nato airbase is many decibels louder than the vast turbines spinning away in the hydroelectric power plant down the road. Having come through the crisis a decade ago, Iceland is now enjoying an economic revival, with technology, renewable energy and tourism...

    the Guardian
  • Senior PwC auditor of BHS accounts faces 15-year ban and hefty fine

    Watchdog also expected to fine PwC £6.5m after collapse of department store chain The senior PricewaterhouseCoopers accountant who audited BHS’s accounts ahead of its sale for £1 just a year before the department store chain collapsed is facing a 15-year ban and six-figure fine from the industry watchdog. Steve Denison, who spent more than 30 years at PwC according to his LinkedIn profile, becoming a partner, is understood to have been facing a £500,000 fine from the Financial Reporting Council...

    the Guardian
  • KPMG fined more than £3m over Quindell audit

    FRC criticises accounting firm over ‘misconduct’ in work for insurance software company The accountancy firm KPMG has been fined more than £3m for misconduct relating to the scandal-hit insurance software firm Quindell, which changed its name to Watchstone in 2015 amid a probe into its accounts by the Serious Fraud Office. The Financial Reporting Council reprimanded KPMG but said the fine was reduced from £4.5m as part of a settlement agreement. Continue reading...

    the Guardian
  • Even after the crash, voters still don’t want safe lending

    A Swiss referendum on responsible banking looks likely to be defeated. And if it fails there, it would have no chance in Britain Ten years after the financial crash, most Britons remain suspicious of calls to be adventurous with public money. Aware that the pre-2008 economy was akin to a high-wire act, they believe lapsing back into the old borrow-to-spend routine will only herald another disaster. That’s why the chancellor, Philip Hammond, feels secure when he bats away calls to throw off his...

    the Guardian
  • The financial scandal no one is talking about

    Accountancy used to be boring – and safe. But today it’s neither. Have the ‘big four’ firms become too cosy with the system they’re supposed to be keeping in check? By Richard Brooks In the summer of 2015, seven years after the financial crisis and with no end in sight to the ensuing economic stagnation for millions of citizens, I visited a new club. Nestled among the hedge-fund managers on Grosvenor Street in Mayfair, Number Twenty had recently been opened by accountancy firm KPMG. It was,...

    the Guardian