A tidal wave of regulation has swept across the financial services industry
as a result of the credit crunch and the financial burden of the increased
regulation is unlikely to peak until it reaches £48bn in 2010, according to the
latest report from
The report, In Control? based on a study of actual operational data from 32
major financial institutions around the globe, forecasts the costs of regulation
will almost double from £28bn in 2007, to about £48bn by 2010.
Deloitte said the key issue for financial institutions was the lack of
clarity in the taxonomy around governance and control. This opacity of
definition was causing, on occasions, a failure in strategies.
Chris Gentle, Deloitte head of research, told Accountancy Magazine a prime
feature of the recent losses incurred by the major banks in the credit cruch was
the inability to link risk and control factors.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.