Banks under spotlight over professional loans
Banks loans to law and accountancy firms are being looked at following claims of 'inappropriate' behaviour
Banks loans to law and accountancy firms are being looked at following claims of 'inappropriate' behaviour
Two of the UK’s clearing banks were raided by the Office of Fair Trading
regarding possible price fixing on loans to professional services firms.
The watchdog confirmed it had visited the offices of Barclays and the Royal
Bank of Scotland as part of its investigation.
‘The OFT will not be in a position to conclude whether the law has in fact
been infringed until it has completed its investigation and assessed the
available evidence,’ it said in a statement.
The investigation was triggered after Barclays contacted the OFT in March
about its professional service team being ‘approached from outside in an
‘inappropriate manner’.
A Royal Bank of Scotland spokesperson said: ‘We are, as always, co-operating
fully with the Regulatory authorities and it would therefore be inappropriate to
comment further.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View articlePersonas is an internal AI platform meticulously developed by BDO to boost productivity and streamline day-to-day tasks. Read More...
View article