Rebuilding trust in financial services
Trust in financial services is at an all time low. So what can companies in the sector do to rebuild customer confidence, asks Sam Jordan?
In the eyes of their customers at least, bank managers are not what they once were. Deregulation and intensification of the pursuit of profit have been major contributing factors to the slow erosion of customer confidence across the financial service sector for a generation.
FSA extends pay and bonus code
A new FSA remuneration code is looking to clamp down on a culture of excessive risk taking in the CIty
Taxpayers shun Liechtenstein tax amnesty
Just 419 taxpayers have registered for the Liechtenstein Disclosure Facility tax amnesty, despite thousands being eligible to do so,
Polishing poor work performance
Staff workplace performance is something managers complain about far more than misconduct. But ignoring employees who aren’t up to scratch will cost your business dear. Kate Russell offers pointers on how to tackle it head on
Muted support for tax simplification body
Industry expert question whether the Office of Tax Simplification, launched by the Government last week, is too ‘politically motivated’ to make a real difference to business.
Vodafone £1.25bn tax settlement ends 10 year HMRC dispute
Vodafone has ended a ten year dispute with HMRC by agreeing to pay back £1.25bn over five years.
The case relates to tax payable by Vodafone’s Luxembourg subsidiary and follows tightened CFC rules brought in by the previous Labour government to prevent companies shifting income away from the UK to foreign subsidiaries with a lower tax rate.
Vodafone had set aside £2.2bn in its books to meet the potential cost of the claim.
Former Northern Rock FD protests "unfair" punishment
The former Northern Rock finance director David Jones has been banned by the Financial Services Authority and fined £320,000 for misreporting mortgage arrears figures – a punishment he argues is “unfair”.
Cable gets heavy with banks who refuse to lend
Business secretary Vince Cable has put forward tough new banking sector proposals including a new tax on profits for banks which refuse to lend money to viable businesses.
Viewpoint: Two cheers for the Office of Tax Simplification
The Office of Tax Simplification is here at last, but is their idea of simplification the same as the profession’s, asks Simon Sweetman.
Consulting's allure for CFOs
CFOs face up to new UK regulatory regime as changes kick in
The coalition government plans to merge the Financial Services Authority and the Financial Reporting Council to create a companies commission similar to the US Securities and Exchange Commission.
Risky business for finance CFOs
CFOs in financial institutions need to make more use of risk management technology to improve the processes behind their decision making and performance management.
The Finance Professional: David Viniar, CFO, Goldman Sachs
After settling the US regulator fraud claims and losing up to 82 percent in the second quarter, Goldman Sachs is trying to look to the future and rebuild a reputation sullied by recent events. But CFO David Viniar insists that the problems experienced by the company hasn't meant a taking of the eye off the the corporate ball.
The Finance Professional: Nick Eastwood, the Rugby Football Union
Viewpoint: Financial services sector dust settling
Now the post election dust is settling, there’s trouble ahead for both the regulated and the regulators in the financial services sector, warns Peter Brooke.
Hello OTS, goodbye red tape?
Tax doesn’t have to be taxing - and yet for so many, let’s face it, it is. The Office of Tax Simplification -- announced this week by George Osborne - may sound like something out of a Terry Gilliam film but don’t let that put you off. The idea of a body to make sense of the UK’s tax rules has to be applauded.
SEC nails Goldman Sachs but CFO remains confident
Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.
Finance execs lack critical thinking skills
Skill sets beyond technical knowledge are critical when it comes to employing experienced accounting professionals most effectively, according to a recent report by Grant Thornton LLP.
Debenhams FD refinances debt
Debenhams, the UK's No.2 department stores group, has completed a refinancing of its debts, signing a new £650 million pound agreement that will cut its interest bill.
Finance Director Chris Woodhouse explained that the deal comprised a £250 million term loan and a £400 million revolving credit facility expiring in October 2013, with an option to extend to October 2014.