finance-and-accounting

People with accounting jobs at private firms could see their employer's finances become more constrained as a result of public contract cuts, it is predicted.

Insolvency trade body R3 has outlined what it admits is a worst-case scenario, gauging what might happen to the private sector if all public contracts were to be cancelled.

The predictions were achieved by surveying small businesses to see how they believe they would be affected by the removal of all their existing public contracts.

A tenth would be likely to go out of business, according to R3, taking the insolvency rate from 26,000 in 2010 to as much as 150,000.

For people in accounting jobs with private companies, staying in business could become a major issue, as 11 per cent - around 173,000 firms - anticipate severe financial difficulty if public contracts are removed.

Steven Law, president of R3, recently commented that more than one in four insolvencies are believed to be caused by the failure of another company, leading to a chain reaction of firms going out of business.

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Updated: 10 September 2010.
Categories: finance-and-accounting, market-and-industry-news.

People who serve in accounting jobs for different members of the same family have been told that they may encounter instances where one partner is hiding money from the other.

Sheri Jacobson, a psychotherapist at private consultant Harley Therapy, agrees that honesty is the foundation of many strong relationships.

However, she believes that some people still maintain separate finances from their partner - potentially including a secret stash of funds.

"The secret can be very detrimental whether or not the other person finds out because it's deliberately concealing something from your partner," she comments.

Such an approach could be encountered by people in accounting jobs, with Ms Jacobson adding that she believes the ease with which advice and opinions can be obtained in the present day is a driving force behind the trend.

With many people perceiving an end to a world where relationships endure, she suggests that secret finances may be seen by some as contingency plans in case their current affair should come to an end.

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Updated: 09 September 2010.
Categories: finance-and-accounting, market-and-industry-news.

The decision means that £1.25 million could be saved by HMRC by eliminating duplication of P800 tax calculations and P2s pay as you earn coding notices.

However, the Chartered Institute of Taxation has objected to the move due to the reduced amount of information that will be passed on to people working in accounting jobs who handle tax on behalf of clients.

"By keeping tax agents less well informed about their clients' tax obligations, HMRC are likely to find they lose more money than they save," argues deputy president Anthony Thomas.

He adds that a greater number of tax returns are likely to prove erroneous following the move, while HMRC will have to field more enquiries from tax agents.

The Chartered Institute of Taxation celebrates its 80th anniversary in 2010 and now has 15,000 members who qualify to practise under the title of Chartered Tax Adviser.

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Updated: 08 September 2010.
Categories: finance-and-accounting, market-and-industry-news.

Within the FTSE 100, 97 per cent of companies' pension schemes could be paid in full if they were to hold back on dividend payments and postpone capital expenditure plans, KPMG estimates.

However, it advises those in FTSE 100 accounting jobs not to take such drastic action, due to the unique nature of the current effects on pension scheme funding.

"The most important thing in securing the future of pension provision is to secure the future of the business - not the other way round," stresses KPMG pensions partner Mike Smedley.

He adds that deficits in pension schemes at the moment are likely to be inflated by the impact of the recession on cash flow and profits.

KPMG argues that a greater impact is being felt on sponsoring companies in the modern pensions climate, while managing schemes is becoming ever more complex.

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Updated: 01 September 2010.
Categories: finance-and-accounting, market-and-industry-news.

While many people may expect good accounting jobs to be hard to find in the present climate, research from KPMG reveals that many managers are facing difficulty in appointing staff with the necessary skill levels to adequately fulfil their purpose.

The tax and advisory services provider collaborated with the Chartered Institute of Personnel and Development on a study of skills, migrating and offshoring.

It found that many finance and accounting jobs are being filled by workers from overseas - the majority of whom come from outside of the European Economic Area.

Of the 600 employers who responded to the survey, 18 per cent - 108 respondents - are looking beyond the UK's borders to fill accounting jobs.

A similar proportion (17 per cent) believe that they will continue to do so into the third quarter of 2010.

KPMG itself is part of a global network, with 10,000 partners and staff in the UK alone and a parent group that it says is Europe's largest integrated accountancy firm.

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Updated: 27 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

The financial services firm explains that a greater number of A-level students are now considering entering the world of work.

Its own HEADstart scheme offers an alternative route to accounting jobs for those with UCAS points totalling 280 or more.

This is equivalent to two B grades and a C grade at A-level, or two C grades and one A.

"Trainees put everything they learn in their studies straight into action," says James Chalmers, board partner for strategy and talent at PricewaterhouseCoopers.

He adds: "They are earning while studying towards a professional accounting or tax qualification."

He adds that the opportunity to enter the world of work when leaving college, rather than university, can be particularly well suited to the needs of individuals with a clear vision of what they want to do professionally.

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Updated: 23 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

A survey of people in high-ranking accounting jobs has revealed that many expect to see businesses held accountable for their carbon emissions in the years to come.

Carried out by the Carbon Trust, the survey assessed the viewpoints of 200 individuals in senior finance and accounting jobs at large organisations.

Almost three-quarters (72 per cent) said that they expect carbon accounting to be mandatory in years to come.

Slightly more (76 per cent) added that they think companies will be asked to pay to compensate for their carbon emissions.

Harry Morrison, general manager of the Carbon Trust Standard Company, says: "The debate about whether or not carbon footprinting and payment will become mandatory for business appears to be over as far as finance heads are concerned."

Two-fifths of those surveyed expect to see the changes take place in the next ten years, with 16 per cent anticipating no longer than five years before they come into effect.

Operating on a not-for-profit basis, the Carbon Trust aims to accelerate the move towards a low-carbon economy.

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Updated: 19 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Experience learned in a number of accounting jobs helps Victoria Brough to qualify for her new role as head of corporate communications and media relations at the London Stock Exchange (LSE), the organisation asserts.

Ms Brough is a former investment banker and, as well as being a graduate in economics, holds the status of chartered accountant.

The Institute of Chartered Accountants of England and Wales notes that the status typically sees individuals give high-level advice to businesses on increasing market share and improving profitability.

Often they go on from accounting jobs to set up businesses of their own, the organisation adds.

Prior to her LSE appointment, Ms Brough was working as head of external affairs for Europe, the Middle East and Africa at newswire Thomson Reuters.

LSE group chief executive officer Xavier Rolet says: "She brings media relations skills of the highest pedigree and has a record of delivering successful and cohesive corporate affairs programmes at both board and operational levels."

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Updated: 19 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Trying to regulate flexibility into finance jobs and other professions could be a misguided approach to ensuring accessibility to the kinds of freedom extended by some businesses, in light of comments from the Federation of Small Businesses.

Head of policy Andrew Cave claims that many firms are already aware of the advantages that they can achieve by offering flexible working conditions to their staff.

As a result of the relationship that flexible working puts in place, he adds that companies are able to form "a close-knit team" with their employees.

However, regulating to ensure access to such freedoms can destroy this relationship, he warns.

"It's difficult to get across - particularly to central government - that by introducing that you endanger the dynamic that works so well otherwise," Mr Cave comments.

The current coalition administration, in its programme for government published in May, set out plans for a reform of the regulations applying to people in finance jobs.

However, it also promised a "one in, one out" pledge for business regulations leading to no net increase in red tape faced by UK companies of all kinds.

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Updated: 10 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Bringing candidates into accounting jobs from outside of the firm could be one way to make sure they have the necessary interpersonal skills to manage their team.

Tina Lamb, senior partner at communication training firm Impact Factory, suggests that some people promoted internally do not have the awareness of management skills that is required to excel once placed in charge of other employees.

"People forget that, with most types of promotions, you need the skills needed for the people side of things that aren't to do with the actual business," she says.

Instead of appointing people on an assessment of these skills, however, she adds that many people are promoted based on their level of success in their existing role.

Her comments could lead people with accounting jobs to fill to look outside of their existing workforce in order to gain an employee with the correct skill level for the role.

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Updated: 10 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Small businesses may want to seek people with experience in accounting jobs to help them make the transition to a larger company structure.

Tim Campbell, former winner of The Apprentice and chief executive officer of social enterprise the Bright Ideas Trust, explains that many small firms are content with being a workforce of one or two people.

However, those that choose to grow should be provided with mentors, he suggests.

Individuals with experience in accounting jobs could be well suited to such roles, with the ability to advise on the expenses associated with hiring new employees and potentially facing new corporate taxes.

"For those companies that do want to grow there has to be the finance in place and knowledge to support them," says Mr Campbell.

He adds that with the correct support in place, companies can avoid the "same pitfalls" and errors that businesses before them may have made.

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Updated: 10 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Cuts in the public sector could see more business processes outsourced to people with finance jobs in the private sector, according to Ovum.

A report from the business analyst explains that there is no evidence to support the suggestion that the coalition government is averse to outsourcing business processes.

However, with plans to reduce expenditure within the public sector itself, people with HR and finance jobs elsewhere could find their skills required as an outsourced function.

"Suppliers should be engaging with government organisations on how they can take over and manage back-office and administrative services such as human resources, finance, procurement and customer services," the report suggests.

It adds that central government departments which make large financial transactions and local authorities are two potential avenues to target for suppliers.

Ovum is part of the Datamonitor group, with research findings drawn from the expertise of 350 analysts and collaboration with 18 of the globe's 20 largest corporations.

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Updated: 09 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

In all, 906 candidates succeeded in completing their Professional Stage qualifications this summer, of which 50.2 per cent did so without failing a single module.

Of the 2,796 students who sat papers towards their Professional Stage - but not necessarily to reach full completion - 73.4 per cent did not fail a single paper.

Gavin Aspden, director of qualifications at the ICAEW, says: "I am delighted to see that over 900 students are a step closer to membership of the ICAEW as the result of hard work, support from employers and excellent training."

He adds that chartered accountant status can open the door to exciting finance jobs and business opportunities.

Financial accounting saw the highest pass rate at 93.7 per cent, while financial reporting and financial management were the least successful at a 77.3 per cent pass rate for each.

The ICAEW calls the ACA qualification the "first step" towards achieving chartered accountant status.

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Extract:  Nearly 1,000 candidates face a "bright future" in finance jobs after completing their ACA Professional Stage in ICAEW exams. 

Updated: 03 August 2010.
Categories: finance-and-accounting, market-and-industry-news.

Permanent placement of dynamic individuals into finance jobs can enable prompt action from businesses during "precarious" economic times, according to analyst Aberdeen Group.

In its report How Best-in-Class Plan, Budget and Forecast in Today's Dynamic World, the research firm outlines how forward-thinking individuals can be a key element in responding to a changing sector landscape.

"Highly effective financial planning, budgeting and forecasting can successfully enable decision-making even in periods of unprecedented change," writes analyst Cindy Jutras.

She adds that five key elements play a role in this, comprising performance management, knowledge management, technology, process and organisation.

However, a separate report from Aberdeen Group indicates that a lack of investment into putting individuals into permanent placement could be leaving firms at risk during tough economic times.

In Effective Talent Management Drives Profitable Business Growth, Kevin Martin writes that cutting workforce investment leads to burnout and low morale, impeding business growth as a result.

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Updated: 26 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

An ever-changing taxation regime is taking up the time of small and medium-sized enterprises' owners and the people in related financial services jobs, according to the Chartered Institute of Taxation.

Immediate past president Andrew Hubbard says: "Small businesses and their advisers will spend a lot of time playing around with the numbers, trying to work out the best way to structure themselves, as opposed to getting on with running the business."

This is due to the changing taxation landscape for small businesses, with some fairly complex rule updates over the past year for people in financial services jobs that serve commercial customers to attempt to understand.

For instance, Mr Hubbard notes that being self-employed has advantages including the biannual nature of paying tax - rather than through the pay as you earn system - and the greater opportunity to claim financial relief due to expenses.

He adds that greater stability is needed in small business taxation, in order that firms might be able to plan for the long term with greater confidence.

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Updated: 26 July 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that the government response to a report about trying to encourage greater gender diversity in the City has been positive.

The Recruitment and Employment Confederation's Accounting and Financial Services sector group chair Bill Haynes believes it is good that the coalition administration accepts the problems underlined by the document.

He said that while the primary objective is making sure the most talented and capable candidates are appointed to directorships, regardless of race or gender, "it is crucially important to recognise the need for a productive and balanced team profile within the board."

Mr Haynes added that both applicants and businesses need to accept that current hiring processes will lead to the same people succeeding, particularly when boardrooms are susceptible to "group think" and are not creating solutions to problems in the finance and accounting sector.

The Treasury Select Committee hinted that the lack of diversity in senior positions may have helped to undermine performance in the industry during the economic downturn.

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Updated: 20 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told the roadmap for adopting a universal financial reporting method needs to be slower.

That is according to PricewaterhouseCoopers (PwC), one of the Big Four auditors, which said it fully supports an aggressive timeline in trying to attain a single set of global stands, but believes the current one is not sufficient given the complex nature of the projects.

The finance and accounting firm said that despite the International Accounting Standards Board's commitment to additional outreach, it is pessimistic that target dates can be met for adopting the International Financial Reporting Standard (IFRS) in the US.

"We do not believe that constituents have the resource bandwidth within the targeted board timelines to complete effective, thorough analyses of the accounting, business and operational impacts," PwC added.

Since 2001, the IFRS has been adopted by companies in more than 100 countries including the UK and although the US has yet to convert, it did sign a memorandum of understanding four years ago to conform to the standard.

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Updated: 14 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

A boot camp set up by finance and accounting company Accenture is leading to a significant number of young aspiring professionals securing a job, according to one of its recruitment figures.

Jessica Davies, graduate recruitment schemes and process lead with the organisation, told the Association for Graduate Recruiters conference that 85 per cent of participants in the initiative are being offered positions, People Management reports.

This compares with a success rate of 40-60 per cent of university leavers gaining employment with the finance and accounting firm before the introduction of the boot camp.

Ms Davies stated that it took the company four months to create and deliver its first event, which Accenture believes offers something different to graduates by "giving them a raw view of the business, our values and getting them to tackle real-life client issues".

Accenture employs around 190,000 staff in 120 countries.

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Updated: 14 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

Accountancy age reports that the UK firm has promoted five staff working in London - Pauling McGee, James Nicholls, Andy Cotter, David Isherwood and Julie Rice - while Paul Bates has taken up a senior position at its Leeds office.

BDO's managing partner Simon Michaels stressed that those in accounting jobs with the organisation are its lifeblood and "at BDO we strive to create an environment where the highest calibre individuals have the chance to thrive within a collaborative culture where clients come first".

He added that is particularly important it is able to "nurture, develop and promote" fine employees within its ranks.

BDO is the fifth-largest accounting organisation in the world and has in excess of 1,000 offices in more than 100 countries, serving a range of clients including firms in telecoms, retail and real estate.

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Updated: 14 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

One of the UK's Big Four finance and accounting firms Ernst & Young (E&Y) has appointed 48 new partners working in Britain and Ireland.

The new appointees will work in all four of its product services, which are its Advisory; Assurance, Tax and Transaction Advisory divisions, with further investment planned for those areas over the next year.

Scott Halliday, E&Y's managing partner for the UK and Ireland, said that operations in the UK make a significant contribution to the accounting company's global interests, in terms of generating revenue and the "mobility" of its skilled personnel.

In September, the organisation posted worldwide revenues of $21.4 billion (£14 billion) for the fiscal year to the end of June 2009 and its global chairman James Turley praised staff for being able to adapt during a "challenging year".

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Updated: 07 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

Accounting jobseekers and candidates in other sectors may be missing out on talented university leavers because some companies prioritising a system considered outdated.

Chris Jackson, a spokesperson for the Association of Graduate Careers Advisory Services, said that the University and Colleges Admissions Service (Ucas) points format may be being misused by graduate recruitment schemes as it was never intended as a measure for potential employment.

He suggested that using the Ucas tariff was not in the interests of both students and employers, especially with more recent evidence available about applicants.

Furthermore, those looking for accounting jobs were told that it can mitigate against candidates who performed "modestly" at school and may not have received the same support as some of their peers, yet might have excelled in higher education.

Last week, Ucas announced it is to review it current points system and indicated that the current method is outdated.

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Updated: 06 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in financial services jobs have seen the growth of activity increase at the fastest rate since 2007, new figures suggest.

The Confederation of British Industry (CBI) teamed up with PricewaterhouseCoopers to produce its Financial Services Survey, which revealed that nine per cent more businesses witnessed volumes increase than decrease in the last quarter.

Some 38 per cent of companies said they saw more business in the three months to June, compared with the 29 per cent that claimed they had fewer transactions.

John Cridland, deputy director-general of the CBI, said: "Firms hope that activity will strengthen over the coming quarter and are now planning to expand their staff numbers."

Angela Baron, adviser at the Chartered Institute of Personnel and Development, recently said that people in accounting jobs should consult their staff on ways in which the efficiency of operating systems can be improved.

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Updated: 01 July 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Women in finance jobs have been harder hit by the recession and are finding it difficult to have their voices heard, it has been said.

India Gary-Martin, president of the City Women's Network (CWN), suggested that tough economic times cause companies to have less flexibility and require more from staff, including working longer hours.

This can be a problem for mothers needing to balance their jobs with child care obligations and more women are needed in the sector, especially onto company boards, to have the issues addressed, the expert explained.

"Initiatives to increase the number of women on boards are less attractive to companies whilst fighting through in a recession," Ms Gary-Martin added.

She claimed that businesses should now be focusing on attracting and retaining more strong female talent into roles during the economic recovery.

A recent survey by the Confederation for British Industry and PricewaterhouseCoopers showed that firms expect to increase employee numbers in the next quarter, which could see more women take up finance jobs.

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Updated: 01 July 2010.
Categories: finance-and-accounting, market-and-industry-news.

New plans to break the cycle of poverty could help people find accounting jobs, among other roles.

The coalition government unveiled proposals aiming to assist consumers in finding work outside of the area in which they live, rather than stagnate in a region with little potential.

Work and pensions secretary Iain Duncan Smith told Sky News' Sunday Live some groups of people were "stuck" in unemployment - and relocation might therefore solve some of the problem.

"While there's been more work created over the last 15 years, actually most of that has gone to households that already have work," he added.

The news follows measures unveiled in the recent Budget to reduce tax credit eligibility for families who earn more than £40,000.

In addition, benefits will be calculated from April 2011 via the consumer prices index, rather than the retail prices index. This, the government said, provides a fairer deal for benefit claimants.

Updated: 28 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

To improve efficiency people in accounting jobs should consult their staff on ways in which operating systems can be improved, one expert has advised.

Angela Baron, an adviser at the Chartered Institute of Personnel and Development, said if firms have a variety of options for employees who may want to make suggestions, they are more likely to get good feedback.

She noted that an area on a company's intranet page can be useful, as is a forum where workers can interact with each other.

"It's good to have a discussion just to spark people off and think about things that they wouldn't have thought about before just sitting in a dark corner on their own," Ms Baron continued.

She noted many public sector companies consult their staff "extensively" over ways in which operations can be improved.

During his Budget speech earlier this week, chancellor George Osborne said restraining public sector pay and the high costs of pensions may help to ease pressure on public services.

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Updated: 28 June 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

There is a decline in the number of people securing accounting jobs in the finance industry, it has been suggested.

Tom MacInnes, research director at the New Policy Institute, said rising unemployment levels are a "real worry" in the UK, especially considering the low number of young people getting work.

In his opinion, the excessive amount of Brits aged between 16 and 25 without a job is a "chronic" problem in Britain.

Furthermore, they are likely to suffer when they go for accounting jobs in the future, as short-term unemployment at a young age is "scarring", Mr MacInnes continued.

"Your ability to hold down a job in later life in your late 20s and 30s is limited by experience of unemployment when you are younger," he noted.

The Office for National Statistics recently released job market figures for the three months to April 2010 and found the number of unemployed people increased to 2.47 million - a rise of 23,000 citizens.

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Updated: 25 June 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The Audit Commission has explained why it has decided to abandon its quest for a new chief executive.

Those in accounting jobs were told that the watchdog's - which describes its role as "driving economy, efficiency and effectiveness" in such services - decision to delay is due to "rapidly changing circumstances", according to chairman Michael O'Higgins.

A number of news providers have suggested that a cut in the organisation's grant and the emergency budget taking place on Tuesday (June 22nd) may also have played a part.

Interim boss Eugene Sullivan is currently earning £196,000, although including car allowance, travel and accommodation costs, his total pay package is worth £235,000.

Communities secretary Eric Pickles, suggested the £240,000 being offered to candidates for this senior public sector accounting job went "against the spirit" of austerity going through taxpayer-funded services.

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Updated: 22 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

A healthcare organisation from the US has acknowledged the existence of bank covenants, meaning its books can only be audited by one of a certain group of finance and accounting companies.

In Amedisys's 81-page credit agreement is a particular clause that indicates that only an organisation from PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young may be selected to carry out these duties, Accountancy Age reports.

"Audited consolidated balance sheets of the group members. [must be] reported on by and accompanied by an unqualified report from a Big Four accounting firm," it reads.

The same publication noted that this is not an isolated case and a joint statement issued recently from those finance and accounting companies officially confirmed their existence.

Earlier this month, the Hemscott Adviser Rankings showed the Big Four maintained their stranglehold on the market of FTSE 100 companies' auditing contracts, with only BDO Stoy Hayward from outside that group to have clients feature in the index of leading shares.

Updated: 22 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

A finance and accounting figure with a UK supermarket brand has suggested an economic recovery is happening, but remained fragile and required balance in fiscal policy.

Laurie McIlwee, finance director at Tesco, noted in the first quarter report that a rise in VAT is going to be part of a wider austerity package, yet argued that timing is an issue and the government may be better waiting to introduce such a measure.

The finance and accounting expert said that putting VAT on food would be "nonsensical" and could lead to a decline in consumer spending.

In the quarterly statement, Tesco announced that sales had increased by 8.2 per cent, thanks to the opening of stores in Asia.

Earlier this month, it was announced that the company's chief executive, Sir Terry Leahy, was to step down from the role.

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Updated: 17 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

Auditing of banks can be improved if people learn from what happened during the economic crisis, according to one finance and accounting body.

The Institute of Chartered Accountants in England and Wales's (ICAEW's) Financial Service Faculty has today (June 15th) issued a report, which includes interviews with senior investors and policymakers of UK banks, trying to identify areas where the system can be made better.

Ian Coke, head of the faculty, said that institutions could do more to "explain the value of audits to outsiders", something he suggested may boost market confidence.

In the meantime, the finance and accounting body is making its own commitments to developing good practice guidance and creating an investor forum to discuss themes to help industry professionals when reporting season comes around.

The ICAEW has approximately 132,000 members working across all sectors of the British economy.

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Updated: 17 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

There was an increase in people securing permanent placements during May and salaries for full-time workers rose for the seventh month in a row, according to new research.

The Recruitment and Employment Confederation (REC) and accounting firm KPMG published their latest Report on Jobs, which revealed that the number of long-term vacancies continued its upward trend for the tenth straight month, although the rate of growth eased for the second consecutive month.

Chief executive of the REC Kevin Green highlighted that accounting jobs, HR professionals, software developers and chefs are in the most demand.

However, he sounded a note of caution with the public sector facing fewer opportunities and the private sector only improving slowly.

"This month's jobs data further underlines the need for urgent action if we are to avoid a new 'lost generation' of workers," Mr Green stated.

Last week, he told public sector leaders that the impending cuts in spending represented a one-off chance to create sustainable reform.

Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

Finance and accounting firm PricewaterhouseCoopers (PwC) believes that investment professionals provide a "useful barometer" for the debate on reforming financial reporting.

Pauline Wallace, head of public policy and regulatory affairs at PwC, said its survey of investors and analysts offered a breadth of views and suggested that the feedback has contributed "an important steer" for those looking to create a uniform code.

Its poll found that many respondents were in favour of a "mixed measurement model" and that such an approach "reflects an entity's underlying business and economic reasons for holding an instrument".

As the finance and accounting organisation noted, the International Accounting Standards Boards and US Federal Accounting Standards Board (FASB) have been trying to reach agreement on reporting convergence, but have appeared to move further away from a deal.

It is thought that getting the support of the FASB is important to legitimising the IASB push for a universal reporting standard

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Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that the Office for Budget Responsibility's (OBR) pre-Budget forecasts provide optimism for future unemployment trends and, with it, public finance projections.

John Hawksworth, head of macroeconomics with big four finance and accounting firm PricewaterhouseCoopers, agreed with the OBR's decision to revise down figures for economic growth.

He noted that public borrowing was lower than forecast during the previous Budget speech in March, Alastair Darling's last as chancellor before Labour's election defeat.

Furthermore, Mr Hawksworth told people in accounting jobs that achieving the same structural budget deficit projection for 2014/15 as before requires only an additional tightening of 0.3 per cent of gross domestic product.

This equates to just £4 billion of extra savings that need to be made by the Treasury and the expert suggested that accelerating this deficit reduction may avoid an adverse reaction from the bond markets.

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Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

Two people in leading accounting jobs are said to be the front-runners to succeed Sir David Tweedie as chairman of the International Accounting Standards Board (IASB).

Accountancy Age reports that New Zealand-born Ian Mackintosh, currently chairman of the UK Accounting Standards Board, is a candidate for the role, based in London.

The other contender put forward by the publication is Fayzeul Choudhury, who is controller and vice-president of strategic resource management at the World Bank.

Both men are seen as having excellent credentials to assume this top accounting job, with Mr Mackintosh making a name for himself at the Australian Securities and Investment Commission and Mr Choudhury formerly a member of the IASB Standards Advisory Council.

Mr Tweedie has been leading the quest for world economies and their companies to adopt the International Financial Reporting Standard, but it is still awaiting support for US financial authorities who have delayed their decision.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in finance and accounting jobs are learning that high-street retailer WHSmith is shaking up its boardroom, including the appointment of ex-ITV finance director (FD) Henry Staunton.

He will become a non-executive director of the company on September 1st and the firm believes it has acquired the services of a man with "extensive finance and retail experience".

Mr Staunton held the position of FD at the terrestrial broadcaster between 2003 and 2006 following a testing period for the organisation, after the collapse of ITV Digital in 2002.

He left to become non-executive director at Ladbrokes, a position he held until last month.

In addition, he also sits on the boards of Legal and General, Merchants Trust and Capital and Counties as well as fashion retailer New Look.

Outgoing chairman Robert Walker is delighted that Mr Staunton has agreed to join and said he will be a "valuable addition" in the boardroom.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs have been told that the creation of a Joint Committee on Taxation could help reduce "badly constructed laws".

The Charted Institute of Taxation (CIOT) has called for improvements to the way the UK goes about implementing changes to legislation in this area.

CIOT president Vincent Oratore said that the current approach is "deeply flawed" and had the ability to give some taxpayers an unintended bonus while penalising others.

Furthermore, he argued that, at the moment, there is not enough expert scrutiny or sufficient time for parliament to analyse what effects such changes in policy could have.

People in accounting jobs were told: "The context is promising. There is a growing consensus among thinkers in this area ... that the system could, and should, be better."

Meanwhile, the Institute of Chartered Accountants in England and Wales is calling upon industry professionals to share their customer service experiences when dealing with HM Revenue and Customs.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 15 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that George Glass is the new president of the Chartered Institute of Management Accountants (CIMA), having been elected on Saturday (June 5th).

Mr Glass was sworn in at the body's annual general meeting held at the Queen Elizabeth II Conference Centre and brings with him more than 30 years of experience in the industry.

"I am delighted and honoured to have been elected CIMA president in what is proving to be a crucial year for management accountants," he said.

Having graduated as a mechanical engineer previously, Mr Glass qualified as a management accountant in 1977 and is also a former financial director of UCM Timber Group.

CIMA currently has more than 172,000 members in 165 countries and its examinations cover certain areas of accounting jobs that other qualifications do not.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 09 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

Global financial and accounting firm KPMG, considered one of the big four accountancy companies in the UK, has released a report which outlines what it sees as a significant change in the Alternative Investment Market (AIM).

According to the document, called Transformation: The Future of Alternative Investments, the shift is led by institutional investors demanding changes to the system, including better controls and increased transparency, which means they now have the upper hand.

Anthony Cowell - the lead author of the report for the finance and accounting firm - suggested that people looking to plough money into the market may want an investment manager's interests to be more aligned with their own.

As a result a new breed of manager has emerged with entrepreneurial instincts, offering multiple approaches and products to their clients.

Since 1995, the London Stock Exchange's AIM has had 3,000 companies from across the world join its listings.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 07 June 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in accounting jobs are learning that Paul Heiden and Gay Huey Evans are to join the board of the London Stock Exchange Group (LSEG) as non-executive directors.

Mr Heiden is an associate member of the Institute of Chartered Accountants in England and Wales and is a former chief executive of the engineering group FKI, Accountancy Age reports.

He will chair the LSEG audit committee, after the group carried out the first stage of its review, the first step to what it describes as refreshing its membership.

Mr Heiden has held roles as finance director at Rolls Royce and is currently executive chairman at Talaris Topco.

Ms Evans is the vice-chairman of investment banking and investment management at Barclays, with duties including managing its sovereign funds.

Chris Gibson-Smith, chairman of LSEG, expressed his delight at their appointments and believes they will add skills knowledge and experience to the board, as it goes through its development.

Updated: 07 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

New international standards for financial reporting that were set to be universally ratified for use by people in accounting jobs may be delayed by decision makers in the US.

The UK has already committed to the convergence plan recommended by the London-based International Accounting Standards Board (IASB) and supported by the G20 group of leading world economies and will phase in the new rules starting next year.

However, Reuters reports that the Financial Accounting Standards Board, which sets guidelines for American finance and accounting companies, is discussing a revised plan with the IASB.

It is thought that gaining the support of US authorities for the International Financial Reporting Standard before this deadline is key to getting its big corporations to conform.

The IASB has written to the leaders of the G20 to ask for its current mid-2011 deadline to be rescheduled after the FASB's response.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 04 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that big four firm PricewaterhouseCoopers (PwC) has increased its share of FTSE 100 companies for which it performs auditing duties.

According to the Hemscott Adviser Rankings, PwC increased its share of blue-chip organisations to 41, with KPMG having 24, Deloitte 20 and Ernst & Young 17 clients, Accountancy Age reports.

The only finance and accounting company from outside the big four to do work for a FTSE company is BDO Stoy Hayward.

Overall, KPMG still has the largest number of listed clients for its auditing service with 391 companies ahead of PwC on 332, while Grant Thornton is the finance and accounting company with the most Alternative Investment Market (AIM) companies to its name.

The Hemscott Adviser Rankings consist of institutional advisers and their "quoted clients", which is made up of UK and Channel Islands-based organisations listed on the London Stock Exchange.

Domestic and overseas companies listed with equity shares on the AIM are also counted in the results.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 03 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that big four firm Deloitte has announced it is admitting 32 partners into the organisation.

In its corporate finance department the company has made eight partner promotions and appointed 24 associate partners.

Timothy Mahapatra, Deloitte's managing director of corporate finance, indicated that the announcement reflects the continued growth of this area of its business despite what he calls a "challenging time" over the past year.

He suggested these appointments are as a result of its commitment to clients and "the manner in which we have responded in market conditions" as well as it focus on developing new opportunities for expanding its interests.

Mr Mahapatra added that it showed its ability to provide "challenging and interesting careers in spite of the tough economic environment".

Meanwhile, Accountancy Age is reporting that Deloitte is planning to recruit more than 1,100 graduates over the next 12 months, which mirrors movement by KPMG in this area and its drive to increase the number of places to university leavers this year.

Updated: 03 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

The holder of one of the senior accounting jobs at Ernst & Young will be leading the company.

Liz Barber was an audit partner at the firm but will now leave the company after 23 years.

She will take up the post of director of finance and regulation at Yorkshire Water.

The decision to leave Ernst & Young has not been an easy one for Ms Barber.

However, she said: "I am excited to have been offered this opportunity to work with a company widely regarded as the best in the water industry."

During her time with Ernst & Young Ms Barber also led the company's water sector team, which Yorkshire Water chief executive Richard Flint believes will help her make a "huge contribution" to the board of his organisation.

Ms Barber is also highly respected in "regulatory, business and financial circles", he added.

Yorkshire Water plans to invest £1.9 billion into the region over the next five years.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 02 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that Alex Horne has been appointed as general secretary of the FA Group.

Mr Horne has been performing duties as interim chief executive of the Football Association since March and the acting chairman of the FA Roger Burden said he has been impressed with his work during his seven-year stay with the organisation.

He qualified as a chartered accountant with big four firm PricewaterhouseCoopers, where he specialised in business improvement and corporate turnaround assignments.

In addition, he held the position of finance director during the problematic construction of the new Wembley stadium, which was completed in 2007 at a cost of £757 million.

This represents the latest appointment of an accountant by the FA with Mr Horne's predecessor as chief executive Ian Watmore formerly working for Andersen Consulting.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 02 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in HR jobs are learning that graduate recruitment has picked up during May but the market will remain competitive for the foreseeable future as those who missed out on places last year are joining current university leavers in looking for positions.

Mike Hill, chief executive of Graduate Prospects, indicated that the number of employers now advertising vacancies had seen a significant improvement from 12 months previously.

He noted that more roles had been offered to graduates in the last week than in the whole of May 2009 and this month's figures have also overtaken May 2008.

People in HR jobs were told that, of the sectors now looking to recruit graduate talent, finance is said to be "extremely buoyant" with consulting also performing well, as are engineering and retail.

Graduate Propspects was set up in 1972 and works in partnership with recruiters and some of the most prominent bodies in higher education in the UK.

Updated: 01 June 2010.
Categories: finance-and-accounting, human-resources, market-and-industry-news.

People in HR jobs are being told that fewer companies are forecasting pay freezes this year compared with 12 months ago.

Duncan Brown, director of HR business development at the Institute for Employment Studies, claimed this is down to a combination of a recovery in some sectors of the UK economy and fears that another hold on salary increases may encourage talented workers to look for new roles.

However, he warned that while the private sector is showing promising signs of growth, the public sector is only just starting to see freezes in pay, with the need to cut a "massive" spending deficit.

His comments came after data from the Bank of England's Agent's Summary which showed labour costs were muted thanks to caps on salary increases.

The report did hint at tentative signs of pay growth beginning to occur as the economy picks up some confidence.

Find information on the latest Human Resources roles at Poolia Recruitment Specialists

Updated: 01 June 2010.
Categories: finance-and-accounting, human-resources.

It seems that bosses at PricewaterhouseCoopers (PwC) feel that people in their accounting jobs are too close to one of its big four rivals and are taking steps to conceal their own activities, according to a report.

The Daily Telegraph claimed that because of the proximity of its office to that of Ernst and Young in the soon-to-be completed More London development on the south bank of the River Thames, its managers are looking to install blackout blinds for PwC presentations.

As the publication noted, when PwC announced it was to new into a new headquarters, the firm called it an "exciting move".

However, with the two rivals as close as ten metres apart, there are concerns that employees of both companies, which could include those in accounting jobs, could spy on each other.

Apparently, PwC has already has made sure that none of its computer screen face its windows, in addition to automated blinds for audio/visual presentations.

Other organisations at the site include Regus, HG Capital and Montagu Private Equity.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 01 June 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in accounting jobs are being told that difference between a global standards body and its US equivalent can be reconciled.

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), outlined a possible approach to his organisation and the Federal Accounting Standards Board (FASB) on the same page, with regards to valuation of financial instruments.

The difference of opinion came when the IASB and the FASB decided to look at the issue and came up with two separate solutions.

Whereas the US body wants instruments to be measured on "fair value", the global equivalent wants assessment on the assets alone, the Journal for Accountancy reports.

The IASB is still trying to gain support from the US government for its International Financial Reporting Standard, which it is hoped would legitimise this universal approach, designed to be easily understood in accounting around the world

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 01 June 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that reform of the state pension system is necessary to help avert a growing crisis.

Dr Ros Altmann, an economist and independent financial expert, has welcomed the fact that the new coalition government has addressed the issue with some urgency.

"The first step is to reform the state pension so that it forms a stable base on which private long-term savings can be built," she commented.

However, the expert expressed concern over the possibility of introducing means testing, which may penalise the private scheme that half of the UK pensioners have invested in.

People in accounting jobs were told that introducing such a measure might put people off contributing to an initiative.

Dr Altmann did stress the need to tackle the problem "head-on" or risk the working population being "taxed harder" in years to come.

Among the policies put forward by the Conservative-Liberal Democrat governing alliance is the pledge to simplify the regulations surrounding pensions in order to encourage firms to offer competitive schemes to employees.

Updated: 26 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

As I began to write this we awaited a General Election, now we have a coalition government which will hopefully not effect the positive signs that we have seen through out the first third of 2010. What this opening to 2010 has given us is high demand for staff across temporary, interim and permanent recruitment into financial services.

Within this edition of Market Insight we will look at where demand is, and probably more importantly given the state of the current market look at where there are shortages in candidate supply, trends that we have noted and what these may mean to the market.

Trends through Quarter 1 of 2010

Quarter 1 of 2010 for Poolia's financial services team saw the job flow rise significantly on Q1 of 2009 and the growth on Q4 2009 was also notable. The job flow on Q4 was up by 35% on Q4 and more than double of Q1 from 2009. All of this shows that there has been an increase in confidence and that we are returning to what the market was like in 2006 / 2007.

The flow of roles has been across all areas of finance and operations, for both temporary and permanent recruitment. Where the main drivers have come have been in product (particularly structured and complex derivatives) related areas, particularly those providing a control function such as Product Control and middle office related functions.

What these figures show is that market confidence has grown and is continuing to do so. The apprehension that was shown in Q4 has gone. In the January issue of Market Insight Poolia noted that the time to gauge how market confidence was effecting recruitment would be the middle to end of Q1. The reason for this was that bonuses would have been paid, budgets have been approved, and year ends were over. The result of this has been the continued increase in role flow, however the supply of suitable candidates has become more scarce.

So where has the growth come from?

Areas of demand

Operations

. There has been an increase in the demand for candidates with KYC knowledge and for people with client on-boarding experience. These have primarily been from a temporary basis but permanent demand is now increasing.
. The demand for candidates with structured and derivative product experience is up across all asset classes, and demand is across temporary and permanent especially within the middle office roles such as trade support, trader's assistant, and trade review type roles.
. Commodities are an area that many businesses are continuing to grow and volumes remain strong. This demand was seen in Q4 but is continuing to grow.
. A key requirement across all roles being recruited currently is that people need to be able to add value by looking at and challenging existing processes and ways of doing things. The aim behind this is to reduce bank's operational risk by improving controls.

Finance

. The demand for Product Controllers across all asset classes has returned, particularly people with experience in derivatives from an Exotic and Structured background.
. Candidates with MI experience and the ability to analyse what is behind the numbers and therefore add value.
. Regulatory accountants continue to be in demand, as do accountants with core technical skills.
. New qualified candidates also continue to be in demand and this is across a number of different areas, though demand does seem to be highest in Product Control.

Candidate Supply

The permanent market has seen a decrease in the number of candidates who are qualified and suitable for the roles that are in the market. It had been expected that the flow of candidates may increase given the upturn in the market and after bonus season, however movement has not occurred at the levels that were expected.
 
As well as a number of candidates staying in existing roles as salaries and bonuses met expectations, candidates are still wary of moving given the events of the past two years. It is this combined with the fact that a number of candidates left the market, and the fact that roles being recruited for currently require specific skill sets.

This shortage, combined with an increase in the number of roles being recruited for has meant that candidates are being counter offered and there is the re-emergence of multiple offers. What this does mean is that it is essential that organisations are moving processes as quickly as possible and as importantly are selling to candidates. Poolia should be able to provide information about candidate motivations and what candidates are looking for in a role to prospective interviewers so that this information can be used to help secure a candidate. Candidates want to know only about the role on offer, but about the opportunity, the progression and why your company is a company they want to work for.

From a temporary perspective the shortage is not as pronounced for temporary roles. The supply is down on 2009 as candidates who were made redundant during the downturn find work and we move back to a more traditional temporary market. From a finance perspective there has been an increase in the number of Australians and New Zealanders coming into the market. While this is not at the same levels as 2007, in part due to the exchange rate, the supply is stronger.

What does the rest of Q1 2010 hold?

With what is hopefully a stable coalition government, and hopefully regardless of the Greek and Southern Europe situation, Poolia expect the current levels of recruitment to continue and potentially increase. This will be across Finance and Operations for both temporary and permanent recruitment. The candidate flow however is likely to remain as it is currently, and within that there will be people who are testing the market rather than actively pursuing new opportunities.

Discrepancies in levels and make up of compensation, that have been caused by the differing situations that banks find themselves in, mean that the playing filed is not level necessarily when trying to attract candidates. Again this why the ability of organisations to move quickly and to be able to sell the opportunities that exist become even more important. This is especially so for mid tier organisations who now face more competition than in 2009 as the large investment banks have returned to the recruitment market.

What is likely to happen is that there will be a continued drive to hire people, but the candidates that are more scarce than they were over 2008 and 2009, and this means that recruitment processes need to take this into account to ensure that organisations are able to get the people that they want.
 
Contact Poolia today to discuss your recruitment needs 

Updated: 17 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that industry body has called for the new coalition government to come clean over its tax plans as early as possible.

The UK200 Group, a mutual professional association representing mid-tier firms in the sector, has claimed the new coalition government needed to bring to an end any uncertainty about their proposals, Accountancy Age reports.

Since the Liberal Democrats agreed to enter into partnership with the Conservatives, a number of tax policies have needed to be amended or scrapped as a compromise.

For example, people in accounting jobs may be aware of a widely reported plan to introduce exemptions on those earning less than £10,000 and a scaling back of the Tories proposed cut in national insurance contributions.

David Whiscombe, a member of the group's tax panel and a partner with London-based firm BKL, said a "rethink" of plans made in recent years by the Labour administration.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 17 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that a global standards body is proposing changes for reporting of financial liabilities.

The International Accounting Standards Board (IASB) stressed these are limiting measures that will affect companies, including those in the City of London.

Sir David Tweedie, chairman of the IASB, acknowledged "theoretical arguments" for treating financial liabilities and assets in the same way

However, he stated that it is hard to justify the current approach to reporting as useful when firms suffering "deterioration in credit quality" while posting large profits at the same time, especially when investors complain of missing fiscal information in company models.

The IASB is also leading a drive to introduce uniformity in financial reporting across the world with the International Financial Reporting Standard, which could affect people in accounting jobs.

Currently, the US government has said it will delay a final decision until 2011 on whether its organisations should conform to this method.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in financial services jobs are learning that James Brotherton has been appointed chief financial officer (CFO) of Lupus Capital.

As well as becoming an executive director with the firm's board, he will assume his duties after its annual general meeting on May 28th.

Mr Brotherton joined the building products supplier in 2004 as its head of corporate development and he played a key role in the acquisitions of a number of its rivals including Schlegel in 2006 and Laird Group in 2007.

Prior to joining Lupus, he also occupied senior roles with a number of large banking and financial services companies in the City of London, including at Citigroup as its director of UK investment banking.

He qualified as a chartered accountant at big four firm Ernst & Young.

Meanwhile, people in accounting jobs have been in the news this week with many former industry professionals being elected to parliament after the country's voters went to the polls on Thursday (May 6th).

Find information on the latest Banking & Financial Services jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, london, market-and-industry-news.

People in accounting jobs are learning that Matthew Roberts is to become the new finance director of Capital Shopping Centres (CSC).

CSC owns several shopping malls across the UK including four in and around Greater London.

The 46-year-old, a fellow of the Institute of Chartered Accountants in England and Wales, is expected to take up his role on May 17th and will be formally appointed to the company's board on June 3rd.

Mr Roberts formerly held the top accounting job with high-street retailer Debenhams from 1996 until 2003, during which time he ran its international business and property arm.

From there, he went on to become chief financial officer for Gala Coral Group.

In his four years with the company, he led a number of acquisitions including that of bookmakers Coral and the resulting £3 billion debt package created as a result of that deal made the company the largest private equity firm in the UK.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that PricewaterhouseCoopers (PwC) enjoyed its best spring graduate in take season.

The big four firm announced that application rates have jumped 88 per cent in year, with more 2,000 people trying to secure a place with the organisation.

In all, 153 individuals will take part in the early intake training scheme for 2010 and its 22 per cent increase in start numbers for the spring includes 30 consulting posts.

The graduate figures form part of a recruitment drive from the company which is looking to add another 1,000 staff to its payroll during 2010.

Ian Powell, chairman and senior partner of PwC commented that its strategy is not a case of maintaining its numbers but rather a reflection of its ambition to continue growth in the market.

He said it was the company's ambition to attract the best talent across its services, including accounting jobs.

Other members of the big four, so called because of those brands business scope, are KPMG, Ernst and Young and Deloitte.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

Ian Dyson has stepped down from the top accounting job with high street retailer Marks and Spencer (M & S) to become chief executive of UK pub group Punch Taverns.

He joined the company as finance director in 2005 and assumed the role of group finance and operations director in 2006.

A press release from M & S stated that Mr Dyson, whose background is in the leisure industry including hotelier Hilton, will depart his position in the organisation's top accounting job on a date that is to be finalised.

The search for his successor has already begun, according to Accountancy Age.

M & S chairman Sir Stuart Rose remarked that he understood the reasons for his resignation as well as the opportunity that lay ahead of him.

Mr Dyson admitted the timing of the announcement is "never perfect" and that he is presented with the chance to put his experience in the sector to good use in managing Punch's 7,100 pubs across the country.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 12 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that big four firm KPMG has hired Jane McCormick to become its UK head of corporate tax.

The company also announced that Alastair McLeish is to assume the role of UK head of tax pensions from July 1st.

He succeeds Sue Bonney, who will help the firm's drive to integrate more tax solutions within its advisory services having held her former post since 2006.

She will continue as head of tax at KPMG Europe and the UK chief operating officer Richard Bennison praised her efforts in helping to "establish market leading positions".

Mr McLeish joined the big four finance and accounting company in 1994 with a pensions team.

"Alastair has built our highly successful pensions advisory . and has run the rest of our people services business over the last 18 months," Mr Bennison commented.

KPMG employs more than 100,000 partners and staff in its UK operations.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 10 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that the introduction of an international regulator is "worthy of debate".

Last week, EU commissioner for internal markets Michel Barnier suggested that it is the right time for European leaders to discuss the idea of a body, recognised by the world's economies.

Ian Powell, a senior partner at PricewaterhouseCoopers - the UK's largest accountancy firm - called for a "new attitude" to global auditing rules but said that individual tastes may prove a stumbling block.

"Most countries think their regulation is good and it is their system which should be applied - that is going to make it difficult to convince them to give up their system," he added.

But he added that anything that encourages consistency is this area needed to be discussed.

Furthermore, Accountancy Age commented that, in an age of international corporations and auditing firms, it would make sense to have a global regulator.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 06 May 2010.
Categories: finance-and-accounting, jobs, market-and-industry-news.

Students and members with the Association of Accounting Technicians (AAT) will not be charged for exams they do not need to take.

The ruling from Chartered Institute of Public Finance and Accountancy (CIPFA) said in a statement that the AAT's membership would not encounter charges and that it was the only body to take such measures, Accountancy Age reports.

According to the publication, those sitting examinations between May 1st and September 24 this year may find they save up to £300 each.

AAT members are eligible for exemptions from modules in Financial Accounting, Taxation and Management Accounting should they have passed the association's own relevant tests in those subject areas.

The remaining ten papers from the institute can be completed within two years.

CIPFA has 14,000 professionals affiliated to it, including people working in accounting jobs for major private firms and national audit agencies.

The institute describes itself as a champion for public services as well as using its experience and insight to offer "clear advice and practical services".

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 06 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

Big four accounting firm KPMG has appointed Jeremy Anderson to its top international financial services job.

He will succeed Brendan Nelson as the chairman of the company's Global Financial Services practice, after the predecessor retired from the role to become a non-executive director at Royal Bank of Scotland Group.

Mr Anderson brings with him more than 20 years of experience in the sector, having worked with many of KPMG's leading clients across Europe, Australia and the US.

Prior to his appointment, he held the position of head of financial services for its Europe, Middle East and Africa region.

He said: "The next few years will be a critical time for the financial services industry as companies navigate significant regulatory, risk and business changes and respond to the rapidly evolving global economy."

The division employs 10,000 partners and professionals, offering tax, auditing and advisory services from its 22 offices in London and across the UK.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 06 May 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that Jonathan Yates has been appointed as Group Finance Director-designate at asset management company, Phoenix Group.

He succeeds Simon Smith, who resigned as the group's Finance Director (FD), and will take up his position on May 6th.

Mr Yates was formerly chief executive of Life Assurance (LAHC) and its subsidiary Windsor Life between 2004 and 2009, having also been the company's FD from 2002.

During his tenure, he oversaw the acquisition of Barclays Life in 2008 for £750 million and the sale of LAHC to Swiss Re in 2004.

Chairman Ron Sandler is delighted with the appointment and believes the company can continue with its "transformation and position the business for the next phase of its development".

Phoenix has assets of around £67 billion, with 7.6 million policies taken out by its customers and is the largest closed life funds organisation in the UK.

Find information on the latest Finance & Accounting jobs at Poolia Recruitment Specialists

Updated: 04 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that Lombard Risk Management has hired Chris Langridge as its new financial director.

It follows a reshuffle in the boardroom, which also sees Phillip Crawford and Mike Shinya join as directors of the trading software company and John Wisbey become chief executive.

Mr Langridge has worked for several alternative investment market companies and spent a number of years in the US and Hong Kong, having gained his accountancy qualifications at big four firm Ernst & Young.

He has worked with RCapital recently, chairing a number of its investee companies including Herald Electronics, Accountancy Age reports.

The new chief executive said of Mr Langridge that he brings "heavyweight experience" and the ability to achieve growth while running an efficient operation.

Mr Wisbey added: "We face very exciting opportunities as a firm as well as various challenges and we now have a highly talented and capable board."

Updated: 04 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are being told that income tax must be increased by 6p in the pound.

That is the view of the National Institute of Economic and Social Research (NIESR), which believes that if the government borrowing is to drop beneath three per cent, then "further fiscal retrenchment" has to happen.

NIESR also suggested that VAT receipts are likely to be held back by more people saving and weaker consumption and that is why it proposes a zero rate on all goods except children's clothes and food.

The body said that it could take at least another £15 billion of spending cuts to fix public finances in the UK.

Last week, the Chartered Institute for Personnel and Development predicted that as many 500,000 jobs could go in the public sector in the coming years.

This appears to be supported by its own figures from the Labour Market Outlook.

In its latest data, despite a more positive overall forecast, the general feeling was that the private sector was responsible for the positivity and the public sector was slowing down.

Updated: 04 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in financial services jobs may be interested to learn that a UK taxation body is calling on members to report any mistakes it sees in the new tax codes introduced by HM Revenue and Customs (HMRC).

The Chartered Institute of Taxation (CIOT) has stated that since the new rules have come in, a number of issues have arisen.

The CIOT, which represents 15,000 members in the UK, contracted the Revenue and HMRC admitted to some problems with its new system.

Members had contacted the organisation over problems with pay as you earn (PAYE), which could affect employers and contractors.

It may be possible that people in accounting jobs who have PAYE clients on their books could have extra issues to deal with thanks to the new tax codes.

Pensioners' tax codes have also been a concern, with some members mentioning instances of state pension either omitted or the wrong amount put on a tax bill.

Updated: 04 May 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in accounting jobs may be interested by proposals to introduce new rules forcing organisations to disclose their pension liabilities.

The International Accounting Standards Board (IASB) unveiled draft rules which could mean company pensions have an impact on profits and make accounting more consistent and transparent.

IASB chairman Sir David Tweedie said that the proposals "will significantly improve the transparency and comparability of pension obligations" and suggested that a global pensions overhaul is "long overdue".

After seeking feedback from "interested parties", the international board's aim is to publish a final standard in 2011.

The IASB has also been pushing for a universal method for financial reporting aimed at making interpreting fiscal statements easier for people in accounting jobs in different countries.

It is yet to have the backing of the US financial authorities, which have delayed their decision about whether American companies should adopt the International Financial Reporting Standard or not.

Updated: 04 May 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that finance directors (FDs) will be asked to clean up clutter from fiscal statements in new guidance offered from the UK's reporting regulator.

According to Accountancy Age, the Financial Reporting Council (FRC) will publish a paper asking FDs to consider what is necessary when putting together annual performance reports.

The publication noted that the FRC asked the Institute of Chartered Accountants in England and Wales to produce its own guidance on anti-clutter reporting for people in senior accounting jobs, but its invitation was turned down.

Furthermore, the last report on making reporting less complex in June was apparently met with a "lacklustre response" from UK companies.

This comes as the FRC is proposing reforms of Britain's boardrooms including recommending annual elections for company chairpersons.

Its suggestion has been with vehement opposition from the Hundred Group of FDs, most of whom represent FTSE 100 firms.

Updated: 30 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that the Liberal Democrats' tax reforms would do the most for redistribution of wealth to middle income households than the two other main political parties.

Analysis from the Institute of Fiscal Studies (IFS) revealed that their plans would give more back than Labour and that Conservative tax ideas would take away money.

Overall, the worst hit by taxation included in election manifestos would be the richest one per cent of the population, according to the IFS.

For example, the continuation of the 50 per cent tax rate for those earning over £150,000 from Labour, or even the Liberal Democrats' "mansion tax", could hurt those working in some accounting jobs in London.

During last month's Budget, Alistair Darling announced that a bonus tax, which affected many people in banking jobs, had recouped £2 billion in government incomes.

Both Royal Bank of Scotland and Barclays have announced their intention to review their pay and bonus structures.

Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are learning that the Liberal Democrats are looking to make the UK's leading institutions "safe" in the wake of the recent economic downturn.

In a speech to the Institute of Directors, the party's Treasury spokesman Vince Cable said that it was the party's intention to follow advice from the governor of the Bank of England Mervyn King to break up the banks and promote more "traditional" and "personal" lending over "casino activities".

Mr Cable also wanted to channel resources into education, specifically aimed at getting students "trainable" for business, which may please senior figures in finance and accounting.

He added that the Working Time Directive added unnecessary red tape and might hinder the growth of UK companies.

With the general election just over a week away, the Liberal Democrats' popularity has slipped slightly, with some polls putting them back in third place behind Labour after an initial surge had them leading.

Updated: 29 April 2010.
Categories: banking-and-financial-services, finance-and-accounting.

People in accounting jobs are learning that a number of industry leaders have made the Sunday Times Rich List.

Its annual rundown of the wealthiest individuals residing in the UK and Ireland includes recognisable entrepreneurs such as Sir Richard Branson or oligarchs like Roman Abramovich.

However, as Accountancy Age reports, many people in accounting jobs and owners of firms in the sector have made the rankings for 2010.

Jasminder Singh, who manages the books of hotels with his family's Edwardian Group, was ranked 204th with a fortune of £330 million.

Among the other entries is Peter Harrison, a chartered accountant who made £10 million last year through the sale of theme parks to add to his wealth, which stands at around £199 million.

However, Mr Harrison donated that profit to his foundation helping disabled and disadvantaged children.

Steel magnate Lakshmi Mittal is at the top of the list, with the publication estimating his fortune to have increased by 108 per cent in the past year and he is believed to be worth £22.45 billion.

Updated: 28 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that the Guardian Media Group (GMG) has promoted chief financial officer Andrew Miller to be its interim chief executive.

Mr Miller replaces Carolyn McCall, who is ending her 24-year tenure with GMG to join low-cost airline easyJet.

The interim boss of the media organisation, which is responsible for the running of the Guardian and Observer titles as well as being part-owner of magazine publisher Emap, gained his accountancy qualifications with big four firm PricewaterhouseCoopers.

In the past, Mr Miller was in the senior accounting job at Trader Media Group - publisher of Auto Trader - and has held high level positions at Pepsi and fellow drinks manufacturer Bass.

During her time as boss of GMG, Ms McCall presided over an investment portfolio of £200 million and the partial sale of Auto Trader, which generated £700 million for the company.

Mr Miller will take over the role on July 1st.

Updated: 26 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

One of the UK's biggest companies has said that it will increase the number of accounting jobs available to graduates in September.

KPMG has announced vacancies going to school leavers, graduates and interns as we will rise from 900 to more than 1,000 places during its upcoming intake period.

The company said that it reflects a growth in market demand for tax and advisory services, as well as expertise provided by those in accounting jobs and the total number of new graduate starters equals recruiting levels before the economic downturn.

Michelle Quest, KPMG's UK head of people, said that the company was pleased to be in a position to take on a greater number younger employees.

Ms Quest highlighted that there continues to be a perception in the current economic climate that very little is available to students looking for work, which could have deterred some for searching in the sector.

She added: "The signs are - in other employers as well as KPMG - that the situation is improving. There are places for the right people."

Earlier this year, KPMG announced its total vacancies for this year would increase from 700 to 3,500 jobs across its many services.

Updated: 26 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in HR jobs are learning that KPMG has appointed a new head of people strategy.

David Dickinson will be involved in the Retail Distribution Review (RDR) practice at the big four accountancy firm, which will aim to help market participants prepare for success in a world after RDR.

He joins the company from the Financial Services Authority (FSA), where held the role of project manager for organisational development in its Human Resources department.

In his senior HR job with the FSA, he helped design a Technical Competency Framework, including a new induction course.

Mr Dickinson has also worked for Deutsche Bank and Axa on its people strategy.

Fiona Fry, partner and head of KPMG's RDR practice believes the appointment brings "invaluable" experience to the organisation and will be a great benefit to its banking clients.

KPMG employs 11,000 people across its 22 offices in the UK, including a number of HR staff.

Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, market-and-industry-news.

People in accounting jobs may be interested to know about how executive remuneration will be a key issue for Alternative Investment Market (AIM) companies, according to one industry giant.

Big four firm PricewaterhouseCoopers' paper, AIM - The State of Play, highlighted new rules which came into affect at the beginning of this month mean bonus and pay for individual director needs to be more transparent.

PwC's AIM leader David Snell stressed that the market was at a "significant point" in its history.

He said finding appropriate executive incentives while managing investor confidence will be critical to future success.

"Transparency in this area provided by the recent changes to the AIM rules should encourage investors to provide much needed growth capital," he added.

This follows Barclays announcement that it will review its own pay and bonus structure after the person in its senior banking job Bob Diamond was awarded a package worth £63 million.

Updated: 26 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Finance and accounting giant Deloitte has made another acquisition with the addition of a Swiss management consultancy.

The firm, which completed a takeover of the accounting arm of Drivers Jonas earlier this year is seeking to "broaden and deepen its advisory skills", Deloitte said after completing the purchase of Exsigno.

John Connolly, chief executive and senior partner at Deloitte, stated that the organisation had completed four transactions since the beginning of 2010 which added 750 staff to its ranks as well as 30 new partners.

A report in the Telegraph suggested that Mr Connolly, who had overseen an increase in the finance and accounting firm's fee income of 350 per cent from 1998 levels, is to step down from his position.

Deloitte employs 11,000 people across its operations in the UK and Switzerland.

It is considered one of the big four companies in the accountancy sector alongside Ernst and Young, KPMG and PricewaterhouseCoopers.

Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that Throgmorton has poached two tax experts from larger firms in the sector.

The company, one of the largest specialist accountancy advisers to hedge funds, corporate finance and private equity organisations in the UK, has appointed Raminder Chowdhary as its new head of VAT.

In addition, Stephen Smith will take up the role of tax manager with Throgmorton having spent 12 years with Mazars, Accountnacy Age reports.

Mr Chowdhary is leaving big four firm KPMG, with whom he specialised in VAT issues affecting financial services organisations in the UK and Europe. Before joining KPMG, he was a VAT manager at Vantis.

According to the publication, Throgmorton has appointed the pair to senior accounting jobs in response to "increased outsourcing by investment managers" looking to cut costs while improving its services.

"The appointments will enable the firm to offer an enhanced service to its expanding domestic and international client base," the firm is quoted as saying.

This week, KPMG announced it had secured a contract to assist Birmingham-based IMI engineering with a strategic review of its £1 billion pension fund.

Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in finance and accounting jobs are learning that big four firm KPMG has been appointed as an advisor to a £1 billion pension fund.

It will act as Investment Advisor for the fund of Birmingham-based IMI engineering, providing monitoring and helping the pension trust identify potential investment opportunities.

The finance and accounting giant will also help IMI as it begins a strategic review in an attempt to reduce risk while preserving returns.

Patrick McCoy, head of investment advisory at KPMG, is thrilled with the company's appointment and securing a contract looking after a prestigious client.

"We look forward to helping the Trustee meet its objectives and control risk within its investments and are pleased that our approach of identifying solutions through proactive thinking," he said.

Nine months ago, KPMG lost IMI's auditing contract to fellow big four finance and accounting organisation Ernst and Young having held it for around 20 years.

Updated: 23 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

Finance and accounting organisations in the City of London are being urged to recruit whistleblowers by an industry expert.

Andrew Bath, general manager of banking and financial services at City recruitment specialist Poolia, suggested that companies should look at employees who break ranks to share vital information as heroes rather than disloyal workers.

Writing for eFinancial Careers, Mr Bath implied that far from being a snitch, those employees could be an effective way of managing risk, in an operational and human capital sense.

He compared the current attitude to school yard peer pressure where "grassing up" is frowned upon.

"There is a psychological bystander effect - we're all waiting for someone else to call out the stuff that's wrong, no one wants to stand out from the crowd and say it for themselves," he added.

Mr Bath highlighted the example of whistle-blowing at Lehman Brothers after an accounting executive became concerned with the company's financial situation. The employee in question lost his job around a month after breaking ranks.

Updated: 23 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that differences of opinion over adopting a new universal standard of financial reporting could to a "detour" for the worldwide project, according to the UK's leading body.

The Institute of Chartered Accountants in England and Wales (ICAEW) has responded to updates on the progress of adopting the International Financial Reporting Standards (IFRS).

Global convergence is designed to avoid confusion for people in accounting jobs when trying to understand financial results which might require knowledge of a range of different methods.

The largest stumbling has been getting acceptance from the US government for its companies to adopt IFRS, preferring to delay a decision whether to comply.

Commenting on the situation, Dr Nigel Sleigh-Johnson, head of the ICAEW's Financial Reporting Faculty, suggested that differing views, from the International Accounting Standards Board and the US Financial Accounting Standards Board, could lead an unfortunate convergence "detour".

He added that universal ratification of IFRS is a "must-have in today's increasingly global business environment".

Updated: 19 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in banking jobs are learning that the Hundred Group of finance directors is firmly opposing the introduction of annual elections for company chairmen.

The group cited the possibility of too much power in the hands of speculative shareholders, Accountancy Age has reported.

In his latest response to the Walker Report, which calls annual elections for company chairman, Peter Williams, Daily Mail and General Trust finance director labelled the recommendations "unnecessary" as the risk to the long-term health of a company may be compromised.

Mr Williams, who also sits on the group's investor relations committee, said in a letter to the Financial Reporting Council (FRC) how shareholders have not always acted in the best interest of a company, sometimes opting for short-term profit.

In a previous letter to the FRC, he argued that Sir David Walker's recommendations were more of guide to "better articulate and codify" good corporate governance rather than making substantial alterations to boardroom level.

The group consists largely of FTSE 100 bosses, including those in senior banking jobs in the city of London.

Updated: 16 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Leading finance accounting company Ernst & Young is planning to increase its revenue from advisory services over the next few years.

After revealing an £86 million increase in revenue for 2009, a spokeswoman for the big four firm said its target was to reach £300 million for its work in the UK and Ireland in this sector.

"In advisory we have ambitions to double our revenues and to recruit around 1,000 people across the UK and Ireland, from graduates to partners, in the next three years," she said.

Meanwhile, the company has predicted that merger activity will grow significantly with more than half of the 800 global executives surveyed saying they are "likely or highly likely" to acquire other business during the next 12 months.

Although the research found the UK to be one of the least confident in terms of acquisition activity, in comparison to other leading economic powers, its own confidence level was still in line with the global average.

Ernst and Young employs 144,000 people worldwide, across its wide range of finance and accounting products.

Updated: 16 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

A former finance and accounting trainee with one of the UK's big four firms could soon be appointed as the chief executive of a leading supermarket.

Reports from a number of media outlets claim that Asda's current financial director Judith McKenna could be in line to replace Gary Bond as chief executive, after his unexpected resignation.

Ms McKenna trained and qualified in accountancy with KPMG and although highly tipped to move into finance and accounting jobs, but opted to move into the brewing and pub retail industry with roles at Carlsberg Tetley and Allied Domecq.

She has been with Asda for the past 14 years, including her current role as chief financial officer, which she has occupied since 2001.

As far back as November, Retail Week was touting Ms McKenna as a potential successor suggesting her personality matches the company's ethos.

Should she succeed Mr Bond, the 43-year-old will become the first female boss of one of Britain's big supermarkets and at a time when Professor Charles Goodhart called for greater female representation in corporate governance.

Updated: 14 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

A strong first quarter of initial public offerings, or IPOs, has placed those in London finance jobs back on top in terms of the continent's exchanges, according to a new report from PricewaterhouseCoopers.

The business analyst explains that London saw a greater number of IPOs than other European exchanges during the first three months of 2010, with the total value of the offerings issued also greater than on the continent.

Richard Weaver, a partner in PricewaterhouseCoopers' capital markets group, says: "London has regained its pre-eminence among the European exchanges."

He admits that some IPOs were aborted during the three-month period, but adds that the current "buyer's market" helped to raise interest levels seen by those in London finance jobs.

"Other [IPOs] have been successful and raised substantial sums where pricing has proved attractive," he explains.

The figures show that this is the fifth consecutive quarter of stable growth for European exchanges in terms of the overall volume of IPOs made.

Updated: 13 April 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People looking for permanent jobs may be interested to hear that the level of long-term recruiting is at its highest for 12 years, according to new figures.

The monthly Report on Jobs, put together by the Recruitment and Employment Confederation (REC) and big four finance and accounting giant KPMG, revealed the number of permanent placements to be at its highest since October 1997.

Similarly, temporary staffing levels are at a 34-month high with increased demand for short-term appointments from employers.

Bernard Brown, partner and head of business services at KPMG, said that the UK jobs market appeared to be going from strength to strength and that "private sector confidence is returning and the UK is exiting recession at a pace".

However, Mr Brown did urge caution with an impending public sector recession that may influence the current "upwards trend" of recent months.

Last month, REC chief executive Kevin Green also stressed how the public sector recession could be a contributing factor in halting the strong recovery in recruitment levels.

Updated: 12 April 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in London banking jobs are learning that a leading expert of female representation in business is calling for greater gender diversity in the City of London.

The vice-president of the World Association of Women Entrepreneurs Tatjana Hine agreed with the Women in the City report which claimed that the financial crisis might have been averted had more female been working in senior finance and accounting jobs.

Professor Charles Goodhart suggested greater representation on the boards of London's leading banking operations would be a good start as only nine per cent of FTSE banks have female boardroom presence.

Ms Hine said: "The City is definitely still the last bastion of problems as far as women are concerned. It is still very much male dominated and I think it will be for quite a while."

However, she also suggested that one of the reasons for a lack of women in the Square Mile may have owed much to the notion that they "didn't want to play that game", as opposed to a glass ceiling preventing anyone from reaching senior positions.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london, market-and-industry-news.

People in accounting jobs are learning that Patrick Garo has been appointed chief financial officer of Global Energy Development (GED).

The London-listed company, which focuses on petroleum exploration in Latin America, has appointed Mr Garo, who was previously in one of the senior finance and accounting jobs with food and facilities management company Sodexo.

In addition, he also spent six years as general manager of Perenco, a leading oil and gas company in the region.

Between 2006 and 2008 he was based in London, working as Perenco's chief financial officer.

GED chairman Mikel Faulkner said that his appointment represented a "invaluable addition to the company" as the firm is currently undertaking a three-year plan to significantly increase growth.

Mr Faulkner added that Mr Garo's previous experience in Latin America and links to the Colombian oil industry would be a great benefit, where GED currently has contracts.

He will take up his post at the firm's London headquarters at the end of the month.

Updated: 12 April 2010.
Categories: finance-and-accounting, market-and-industry-news.

The body for investment management operations has revealed record fund sales

The leading voice for investment management operations in the UK has revealed fund sales enjoyed their strongest start to a year over January and February.

According to figures from the Investment Management Association (IMA), fund sales in February were the highest ever for that month at £1.9 billion, which follows on from the strongest January performance by the sector.

Funds under management up to last month stood at £484.7 billion, an all time high.

Jane Lowe, director of markets at the IMA, said that the Sterling Strategic Bond market is accounting for most of the retail sales in the bond sectors, "which otherwise slipped in popularity" in recent months.

She added: "Investors may find the additional flexibility offered by these funds attractive in times of uncertainty or change."

The news comes as a former member of the Bank of England's monetary policy committee Sushil Wadhwani, together with financial services firm GAM, launched a quantitative strategies fund aimed at onshore investors.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Stability is a watchword for people in finance jobs at building societies, according to a Treasury discussion paper.

A new government document will seek to secure more stability for those in finance jobs at building societies.

The discussion document from the Treasury aims to deal with employees working in building societies, which are subject to certain restrictions that do not apply to banks, including limitations on raising funds from non-members.

Although those in such finance jobs have fared relatively well because of the strong response from building societies to the financial crisis, the discussion paper should help ensure long-term stability.

The paper will take views from investors, members and societies on various issues from modifications to existing capital instruments to the need to enhance the government's role in supporting societies.

Paul Myners, the financial services secretary to the Treasury, noted the important position that building societies have long held in the industry.

Mr Myners said: "The sector encourages a diverse financial system and offers a strong business model. The government is keen to ensure that this remains the case in the long term."

As the UK's economics and finance ministry, the Treasury is primarily responsible for the formulation and implementation of financial and economic policy with the aim of producing measured growth.

Updated: 12 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

UK's eighth largest finance and accounting firm wades into US market with Weiser merger

People in accounting jobs are learning that the Mazars has agreed to merge with American firm Weiser.

Mazars, which is the eighth largest accountancy firm in the UK by audit fee income, is to expand into the US market after a change of heart.

Chief executive Patrick de Cambourg told Accountacy Age in January that the company "felt at ease with the move" after worries about the risk of litigation that might affect both Mazars and other companies in the sector.

Founded almost 90 years ago, Weiser has developed into one of America's top finance and accounting firms with an annual turnover of more $135 million (£89 million).

According to Accountnacy Age, the combined company will have around 12,500 staff across more than 50 countries, including the UK.

Updated: 12 April 2010.
Categories: finance-and-accounting, jobs, market-and-industry-news.

Whitehall consultancy contracts have offered significant rewards to leading finance and accounting firms, according to the Liberal Democrats

People in accounting jobs are learning that central government paid out around £1.7 billion in fees to consultants, according to reports.

The Liberal Democrats have compiled data which they claim shows that government departments have employed consultants over the past six years with £178 million fees for 2010 so far.

According to the Financial Times, leading London finance and accounting firms such as Deloitte, PricewaterhouseCoopers and Accenture have profited substantially since April 2004.

The party's Treasury spokesman Lord Oakeshott said the figures showed a government that is "consultaholic".

Despite pledges from the authorities that they will cut consultancy bills, Accenture told the newspaper that much of its expense covered the design and day-to-day running of large-scale IT systems.

Claims of Whitehall over-expenditure come after the Liberal Democrats kick-off their election campaign. Over the weekend the party also criticised policies over pay for people in London banking jobs.

However, Lloyds chairman Sir Win Bischoff recently said that bankers should be allowed to earn a competitive rate of salary and that recent economic problems should not solely be blamed on London's banking operations.

Updated: 08 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, london.

People in finance jobs could find a task force helps them to ensure they are treating business customers fairly.

A new task force to help people in finance jobs ensure that they deal fairly with businesses seeking credit has been announced.

The task force's remit will be to ensure small companies are fairly treated when attempting to acquire finance from banks.

Enterprise champion Lord Alan Sugar, outgoing Federation of Small Businesses chairman John Wright and Mike Fairey, formerly of Lloyd's TSB, will make-up the task force announced by the Department for Business, Innovation and Skills.

Lord Mandelson drew attention to the impressive level of experience that the task force had in finance jobs and how that manifested itself in a helpful understanding of the pertinent issues.

"There is a perception among small-business owners that banks are unfairly denying them credit. This task force will help us understand the root of these concerns," added Lord Mandelson.

Lord Sugar has gained further fame in recent years on the television programme The Apprentice, having previously been best known for creating the company Amstrad in 1968.

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in London banking jobs may be interested to know that Alison Carnwath has been appointed as non-executive at Barclays

Barclays has appointed Alison Carnwath to one of its senior banking jobs.

Ms Carnwath will take up a post as non-executive director in August having handed over the chair of financial services firm MF Global to Jon Corzine, himself a boss of Goldman Sachs.

According to the Telegraph, she is viewed within the City as a "serial" experienced figure and is one of just three woman chairman companies in the FTSE 100 list.

She is also a director of finance and accounting company Paccar and continues to sit on the board of MF Global.

As chair of Land Securities, she was given the job of turning the company's fortunes after it announced losses of £4.8 billion last year.

Barclays chairman Marcus Agius expressed his delight in Ms Carnwath's appointment and her value to the banking giant

He said: "Her experience in the financial services industry and broader business knowledge will be of great value to the Barclays board."

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that insolvency practitioner Deloitte is taking decisive steps to a UK rail business

Finance and accounting firm Deloitte, in its role as administrator to rail infrastructure business Jarvis, has said it will cut jobs to preserve its future.

The big-four accountancy giant had four of its leading insolvency practitioners called in on Monday to help steady the ailing company.

In total, 1,100 jobs will go at Jarvis' offices in Newcastle, Doncaster, Glasgow, Peterborough and Leeds as well as the firm's head office in York.

Deloitte's joint administrators Neville Kahn, Nick Edwards, Phil Bowers and Ian Brown told Accountancy Age that there was a significant amount of interest in Jarvis' facilities management arm, known as Jarvis Accommodation Services.

Mr Edwards said: "Our immediate priority will be to work with stakeholders to stabilise the business while we identify which parts of the business we can continue to trade and seek buyers for as going concerns."

The finance and accounting firm's insolvency expertise forms just part of its operations in the UK and Switzerland and employs more than 11,000 people.

Deloitte recently bought out the accounting arm of Drivers Jonas earlier in the year and last month merged its real estate interests.

Updated: 07 April 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

One of Britain's leading accounting advisory groups has said with another Budget statement likely later in the year, many of Alistair Darling's proposals might not become law.

London-based finance and accounting advisor Vantis responded to the Chancellor's speech by suggesting that "not much" was done on major tax changes.

However, Chris Maddock, tax director of Vantis Group, did say that he was surprised at the doubling of entrepreneur's relief on capital gains tax as many fully expected a freeze or increase on the previous 10 per cent rate rather than the reductions of the first £2 million in gains for those who qualify.

He added: "Freezing of Inheritance Tax thresholds, personal allowances and Income Tax bands will provide inflationary tax increases without the need to change the rate itself."

Mr Maddock did remark that suggestions that this was not a 'real' budget may be "well founded" and the company said it expected "another summary in the not too distant future".

Updated: 26 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

Leading finance and accounting figures have welcomed Treasury proposals to help entrepreneurs and small to medium-sized entities (SMEs) to grow their business.

On Wednesday, Chancellor Alistair Darling announced a raft of plans such as new business loans totalling £94 billion and a doubling of investment allowance on plant and machinery to £100,000 for entrepreneurs.

There are also reductions in business rates and these measures for SMEs were welcomed by many top finance and accounting figures.

Julian Dobbin, a tax partner at chartered accountants Mercer & Hole, told Accountancy Age that not only will boost business clients but financial advisers too.

He added: "There was a worry that the Chancellor would do something that stalled deals - now there's further incentive for them. It will drive deals going forward."

Furthermore, Vantis head of private client tax Chris Maddock told the magazine a number of advisers might be "kicking themselves" if they recommended to clients that they should sell their business, expecting a tough budget on capital gains tax.

Updated: 26 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in banking jobs are taking stock of the government's move to launch the Green Investment Bank.

Chancellor Alistair Darling announced the scheme which will provide around £2 billion in equity for low-carbon transport and energy schemes in the UK.

However, the Guardian reported that finance and accounting giant KPMG believes that £2 billion falls a long way short in terms of the estimated £400 billion required for future infrastructure.

However, KPMG's head of global infrastructure Andy Chism remarked that it is a good idea that a single government body was directing affairs, especially with commercial markets uncomfortable with such high risk.

Writing in the Evening Standard, Anthony Hilton said the new bank could encourage private investors into low-energy schemes if it succeeds in expanding the UK market.

Mr Hilton also shared Mr Chism's notion that if the risk is shared, it is easier to development schemes such as road improvements nationwide rather than if it was lumped on to a single private backer.

Updated: 25 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs are learning that the Institute of Directors (IoD) gave a lukewarm response to government proposals to tackle the UK's deficit.

In a statement, the IoD was positive about moves to assist small businesses with loans but repeated its call to reverse the increases in the top-rate of income tax and national insurance contributions.

Chancellor Alistair Darling pledged to do more for small business and offered a number of incentives to help generate growth in his final budget for the general election.

Among the announcements was two of the UK's biggest banking operations, Lloyds and RBS, making available £94 billion in new business loans, of which around half will go to small and medium entities.

While Miles Templeman, IoD director general, welcomed those "positive initiatives", he derided the Treasury's inability to cut spending and reduce the deficit sooner.

He added: "This means making significant spending cuts in 2010 rather than delaying commencement until 2011. The argument that early cuts would jeopardise the recovery is mistaken."

With top-rate increases there were warnings of an exodus from London finance jobs. However, David Prosser said recently that it was more akin to a "trickle".

Updated: 25 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that the Football Association has appointed its former financial director Ian Horne as its chief executive.

Mr Horne, who won Accoutnancy Age's man of the year in 2007, has been heavily involved in football finance for a long time at the FA's Soho Square headquarters.

He helped to turn around the fortunes of two major projects during the last decade - the National Football Centre in Derbyshire and the £757 million rebuilding of Wembley Stadium. Before that he trained with Coopers & Lybrand and specialised in recovery.

Such was the state of finances at the FA that Mr Horne told Accountancy Age in 2004 that the organisation could not forecast cash properly, this despite large sponsorship and television rights contracts generating unparalleled revenue.

In a statement, the FA announced Mr Horne as a replacement for Ian Whatmore, himself a high-flyer in finance and accounting having worked for Andersen Consulting.

Updated: 24 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that Olympic finances are stable and the games chief financial officer is confident in bringing it in within budget.

London Organising Committee of the Olympic Games (LOCOG) has been criticised for not substantiating its plans for delivery of the 2012 Games and how much it will cost, Accountancy Age is reporting.

Much has been made about the budget for the event and whether it can be achieved without overspending.

However Neil Wood, LOCOG's chief financial officer, said the committee would not go over the £2 billion "funding envelope" and that figure has always been one which targets have been set to.

He added: "We've done budgeting rounds every year since 2006 - we completed version four last summer and will start version five this October. Each one of them has arrived at the £2 billion revenue versus £2 billion expenditure equation."

Mr Woods also said that accounting jobs in some cases would be filled by "secondees", which is despite the HR director of London 2012 saying that sourcing accountants would be problematic.

In total, the committee employs 600 staff but expects that number to reach 3,000 before the flame is lit.

Updated: 24 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs may find dealing with tax far simpler with the introduction of electronic P60 certificates.

Amendments to PAYE legislation mean that paper tax certificates no longer need to be printed and, according to Accountancy Age, making duplicates will become easier.

HMRC was praised by the Institute of Payroll Professionals (IPP) for introducing the electronic certification.

In a statement, it hailed the move as a "fantastic example" of showing the government wanted to work with employers to reduce the burden on payroll staff from employees requesting paper P60s.

The institute's associate director of policy, research and strategic visibility Karen Thomson believes it is "only appropriate" that businesses are allowed to switch to electronic P60s, given that many firms already issue ePayslips to staff.

However Ms Thomson said that employers needed to reach an agreement with staff and ensure that workers could access both payslips and tax certificates online.

People in accounting jobs will begin using the new version during the next fiscal year starting April 1st.

Updated: 22 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People seeking permanent placement are learning that recruitment in the UK has risen by six per cent in the last five months, according to new figures.

The research by employment analyst Powerchex also revealed recruitment activity for the final quarter of 2009 was seven per cent higher than the third quarter.

Further good news came in the first two months of 2010 with an 11 per cent rise during January and a six per cent rise during last month.

However, the company's director Alexandra Kelly told Recruiter job offers in 2009 were down by more than a third on the previous year and jobseekers may, in their desperation to land permanent placement, embellish on their application and CV.

She said: "It is completely understandable for many people to feel frustrated with the lack of job opportunities over the past 12 months or so, especially those who have been out of work for a while."

The positive surge in the recruitment sector has coincided with leading finance and accounting firms, as well as other companies in different sectors, broadening their recruiting processes and in a number of cases reporting strong graduate recruiting seasons.

For example, people in accounting jobs learned that KPMG expected a healthy September intake

Updated: 22 March 2010.
Categories: finance-and-accounting, market-and-industry-news, permanent-placement.

A firm which provides medical computer equipment has decided to promote the group's financial controller to its senior accounting job.

Troy Robinson will become the firm's chief financial officer and has plenty of experience in finance and accounting.

Before joining Medicsight in 2007, he held senior roles in finance at IVAX pharmaceuticals and HP Foods.

Accountancy Age is reporting that Mr Robinson's promotion is part of a major reshuffle in the company's senior management operations with his predecessor Allan Rowley becoming chief executive last year.

Mr Rowley said he was delighted to appoint Mr Robinson to the board of Medicsight.

He added: "He has made a significant contribution since joining the company and I look forward to continuing to work with him as a member of the Medicsight board."

The company specialises in making medical computer equipment that can help with the early detection and diagnosis of diseases. Its headquarters are in the UK but the firm has operations centres in the US and China.

Updated: 19 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in finance and accounting jobs have learned that "big four" firm Deloitte is merging its real estate interests with property adviser Drivers Jonas.

The new corporate real estate firm, Drivers Jonas Deloitte, will become one of the largest advisers and service providers in the sector, employing more than 1,000 people in the UK.

It follows on from Deloitte's acquisition of the firm's accountancy division in January. Around 650 people in accounting jobs with Drivers Jonas were transferred over to the "big four" accountant.

Deloitte chief executive John Connolly sees the merger with Drivers Jonas as a great opportunity, by combining the two firms, "to add value to our clients".

Mr Connolly added: "We will leverage financial, tax and business insight of Deloitte to connect our real estate advisory services with our clients' broader business opportunities and challenges."

Deloitte employs around 11,000 people in the UK and Switzerland, including across five offices in London.

For more information about accounting jobs

Updated: 19 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

A former finance director of Lloyds TSB has been appointed to one of Britain's senior accounting jobs with Northern Rock.

Jim McConville will become chief financial officer and joins the board of the currently state-owned bank.

His experience of high-level finance and accounting stretches back more than 20 years, when he was appointed chief accountant for TSB Bank Scotland in 1988.

Over time Mr McConville has occupied senior posts at Lloyds TSB Group and Scottish Widows Group where he became a finance director in 2000.

Northern Rock chairman Ron Sandler said the new appointment brings "a wealth of experience" in all aspects of financial services as well as cost-efficiency and "strategic planning".

He added: "His appointment further strengthens our senior management team and I am confident that we now have in place a group whose vision for the company is clear and focused."

Since nationalisation Northern Rock's recovery has been so rapid that some leading financial commentators are suggesting the taxpayer may end up profiting from its stake.

Updated: 18 March 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

People in accounting jobs with PricewaterhouseCoopers will move to an 'outstanding' office, according to an eco-design standard.

7More London, which is still finishing the interior fittings, was designed using recycled materials and uses waste heat energy to warm or cool the ten-storey building.

BREEAM, which measures the environmental impact of office designs, found the design to be outstanding, the first office in the UK to achieve the standard.

The man in one of London's leading accounting jobs, PwC partner Roger Reeves, said the project was a chance for the firm to "take a blank sheet of paper and raise the bar".

He added: "This assessment sends a really clear message that planning for the sustainable use of resources, in detail and right through the process, can make good business sense."

PwC will move more than 5,000 staff into its new offices in the early months of 2011. Another of the "big four" accountants Ernst & Young already resides in the complex on the south bank of the River Thames close to Tower Bridge.

Updated: 18 March 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

Corporate Governance reforms are right stepWhile the Institute of Directors (IoD) highlighted "numerous problems" that the UK needed to rectify in order to remain competitive, one of its recent manifesto's recommendations related to corporate governance and the role of directors.

The IoD said that the recent financial crisis in Britain "has revealed significant shortcomings in financial sector governance".

Whilst calling for regulatory reform on the part of the government on the issue and for public spending and public services cutbacks, it also called for reform of corporate governance and more suitable directors looking after a company's needs.

In response to a revised UK Corporate Governance Code, published at the end of last month, the IoD said it was "broadly supportive" of the changes but wanted them to go further and push directors to better understand their companies.

It called not only for directors to have "appropriate knowledge" of the company but also asked that directors should have "knowledge of applied corporate governance".

In addition, the further recommendation of an annual election of a chairman was said to "encourage shareholders to engage with the board on its overall governance stance and on specific governance issues".

Institute director general Miles Templeman believes the reforms put forward by the code will improve the relationship between the boardroom and the rest of a company for the future but confesses that applying it is not straightforward.

Mr Templeman said: "We now have a well-crafted Code. The key challenge in the coming years is to find ways to transmit the wording of [the] code into the day-to-day practice of individual directors."

What seems apparent not only from the reformed code but also the thoughts and recommendations of the IoD is that the reforms may have been necessary.

As the institute's manifesto hints, some directors and business heads have arguably not performed to the requirements of large organisations during the financial crisis.

That the Financial Reporting Council's revised code is "prescriptive" according to the IoD possibly reflected on flaws in senior management governance being exposed.

Back in 2005, David Prosser told the Times that he believed fund managers should be less "soft-hearted" with company directors and less "diplomatic" when the need arises.

The argument could be that directors, in any scenario, need to better understand their company and its needs, hence the IoD calls for boardroom reforms.

The best lead seems to come from telecoms giant Deutsche Telekom which implemented a tougher employee regime to weed out some in permanent placement who were not cutting it with T-Mobile.

Ian Pitcher, the man in the company's senior HR job in the UK, said: "We felt we had to raise the bar." As a result Deutsche Telekom made significant savings in its UK operations.

Would a similar tough approach to boardrooms, from shareholders, help companies to make savings throughout their supply chains and better prepare organisations for growth in the future?

Read more about:

Corporate Governance reforms are right step

The IoD's Business Manifesto

*IOD Manifesto PDF

Updated: 17 March 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

Two of the "big four" London accountancy companies have ended up swapping clients.

Ernst & Young is to take over auditing duties of construction company AMEC, which has chosen to end its 20-year relationship with rival finance and accounting giant KPMG.

However, KPMG has been chosen to undertake the audit of pub owner and leasing company Punch Taverns. The company, which has 7,600 leased or managed pubs across the UK, had used the services of Ernst & Young since 2002.

According to Accountancy Age, a tender for the auditing contract was initiated due to the amount of time Ernst & Young had served Punch Taverns.

Last week, it was revealed that Ernst & Young received £54 million in fees for auditing and non-auditing work from British oil giant BP last year, according to its annual report.

BP's auditing contract is considered such a prized asset due to the scope of the company's work stretching across the world including a much publicised recent multi-billion pound deal in Brazil.

Updated: 15 March 2010.
Categories: finance-and-accounting, london.

One of Britain's top finance and accounting figures has been elected president of the Management Consultancies Association (MCA).

Pat Newberry of PricewaterhouseCoopers (PwC) was elected to the post having previously held one of the three vice-president posts with the MCA.

Mr Newberry is a partner at PwC and head of private sector consulting and has over 20 years of experience in financial services. He is also a member of PwC's supervisory board.

His main areas of speciality focus on banking operations as well as retail insurance and reinsurance.

In addition, Mr Newberry has a wealth of experience with general insurers in the UK, Europe and the United States.

The MCA contains 56 member companies and around 40,000 consultants.

Consultant News estimates that the association's membership covers 70 per cent of the consulting industry and that its members are linked to more than 90 of the FTSE 100 companies. Its reach is also said to cover all parts of the public sector.

Updated: 15 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

An accountant from Yorkshire is to challenge Conservative frontbencher William Hague at the forthcoming General Election and has vowed to clean up parliament.

Leslie Rowe, an accountant with years of experience largely in the public sector, is to stand as Green Party candidate in the seat of Richmond in North Yorkshire.

According to Accountancy Age, Mr Rowe believes his expertise in finance and accounting can help put an end to MPs bending rules on expenses and if more accountants sat in parliament, it would be a better place.

Mr Rowe described the current state of Westminster as "a cesspit of dirty money sticking to the hands of those who can stand the stench long enough to grab it".

"Perhaps this explains why there are so few accountants in parliament?" he added.

The Green Party itself says it has a "real chance" of picking up seats at the upcoming General Election which, according to The Spectator, looks set for May 6th.

Current leader Caroline Lucas sits in the European Parliament.

Updated: 11 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

Brendan Nelson, currently in a senior accounting job with KPMG, is to join the board of Royal Bank of Scotland, it has been revealed.

In a statement released yesterday (March 10th) it was revealed that he will become chairman of the group's audit committee overseeing banking operations as well as becoming a non-executive director.

He will formally assume his duties at the conclusion of the group's annual general meeting, replacing current chairman Archie Hunter, on April 28th.

Mr Nelson has operated as global chairman of KPMG's lower-case the s financial services practice since 2002 and was vice-chairman of the firm's UK operations before Wednesday's announcement (March 10th).

RBS group chairman Sir Phillip Hampton said he is pleased that Mr Nelson has agreed to join the board and assume "an important role".

"Brendan has a wealth of experience in the financial services sector," he said.

Mr Nelson has previously occupied the role of chairman of the audit committee of the Institute of Chartered Accountants in Scotland and was recently appointed to the board of the UK's Financial Services Skills Council.

Updated: 11 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Financial services and corporate restructuring specialist MCR has appointed Thish De Zoysa to its board of directors.

Mr De Zoysa, a qualified chartered accountant, has spent more than eight years involved in auditing and business assurance including corporate restructuring.

As well as years of experience in UK accountancy MCR believes his experience of the Asset Bank Lending and banking operations give him a "unique insight into turnaround finance".

Andy Stoneman, managing partner at MCR, was delighted to welcome a figure with proven track record in the business.

He added: "I am convinced his experience in operating in the turnaround market, from mezzanine to equity and asset based lending, will be a valuable asset to MCR as we continue to grow."

The company was formed eight years ago and prides itself on a strong knowledge base when assigned corporate restructuring cases.

Mr De Zoysa will focus on the company's new Debt Advisory service as well as MCR Finance Brokers.

Updated: 09 March 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that leading London-based firm KPMG has appointed a new UK head of people.

Michelle Quest, who has been with the firm for 13 years, will take over the role from Rachel Campbell. Ms Campbell was recently appointed global head of people.

Her duties will include overseeing a substantial increase in graduate intake in September with more than 750 students set to join the company.

Ms Quest, who has been advising on corporate transactions for 17 years, moved to KPMG in 1997 and was a mergers and acquisitions tax partner for KPMG for the last seven years. She was also part of the private equity group between 2003 and 2007.

Before joining KPMG, Ms Quest worked for Robson Rhodes, which is now a part of Grant Thornton.

John Griffith-Jones, a senior partner in the UK arm of the firm, believes hiring people of the quality of Ms Quest can only benefit the company's finance and accounting output.

"We know that to deliver the best service to clients we need to have the best people - our people philosophy is geared to enable us to achieve this, creating an environment where talent can flourish," he said.

Updated: 08 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

A new e-learning qualification is available for people in accounting jobs that covers a new international standard and its public sector equivalent.

The Certificate in International Public Sector Financial Reporting is said to be the first qualification of its kind aimed at a growing demand within public sector finance.

Two London-based UK accounting bodies, the Chartered Institute for Public Finance and Accountancy (CIPFA) and the Institute for Charted Accountants in England and Wales (ICAEW) have teamed up to develop the course which is said to be of worldwide significance.

According to a CIPFA press release the easy adaptation of the new method of reporting can assist with observing emerging markets.

ICAEW chief executive Michael Izza believes it will help revolutionise the "cultures, structures and processes" surrounding public spending.

He added: "This qualification will provide a benchmark for finance professionals, not just in the UK but around the world as adoption of international financial reporting standards (IFRS) is extended across the public sector."

Britain, along with other G-20 countries, has set a 2011 deadline to adopt the new international standards such as IFRS proposed by the London-based International Accounting Standards Board.

Updated: 08 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in accounting jobs are learning that many small businesses are adjusting to the rise in the flat rate of VAT, according to the Federation of Small Businesses (FSB).

It found that 48 per cent of business sectors have seen a rise in the flat rate of VAT, which is the rate charged to small businesses with a turnover of less than £150,000 a year.

John Wright, national chairman of the FSB, branded the VAT rise as a "stealth tax" and added that the pressure on small business owners was "unacceptable".

On Monday (March 1st) Mr Wright called upon the government to do more as small businesses dealing with a more difficult business environment.

"As we head towards a general election the message from small businesses is clear: the incoming government must think small first and get conditions right for entrepreneurs and small businesses to thrive," he said.

An FSB survey this week revealed that three-quarters of small business owners believe they could grow their businesses if the tax system was simpler.

Many entrepreneurs also find tax returns too difficult to understand with 66 per cent of those asked saying they employed people in accounting jobs to assist.

Updated: 05 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

Leading accountants representing two UK companies have criticised the tax system as a hindrance to British business.

GlaxoSmithKline chief financial officer Julian Heslop and Vodafone's director of tax strategy John Connors were speaking at a forum held by the Oxford University Centre for Business Taxation.

Speaking about the UK stance on Controlled Financial Companies (CFC) Mr Heslop called for a drop in corporation tax to 15 per cent, adding that "the world is not standing still".

Both individuals called upon the government to reform the tax system to make Britain a more attractive corporate environment for financial services and businesses to operate.

Mr Connors was also critical of the effect tax was having on the British economy.

"This has rendered the UK far less competitive and has disadvantaged us compared to our counterparts," he said.

Accountancy Age reported that the Treasury was looking to find a compromise through a new discussion document on CFCs that could ease fears about future enterprise opportunity in the UK.

However, the government has been keen to protect against lost tax revenue being diverted to offshore havens through intellectual property as companies like Walkers Snack Foods and Diageo have done before.

Updated: 04 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

The boss of a leading body speaking for people in accounting jobs is calling for changes to financial reporting for all UK entities.

Michael Izza, chief executive of the Institute for Chartered Accountants, said in a piece for the Institute website that the UK "should strive to towards implementing" the International Financial Reporting Standards (IFRS).

Mr Izza did say that allowances could be made with an adopted international framework for small and medium enterprises and the issue required "further consultation".

However, he believed that those obstacles could be navigated and make finance and accounting simpler and more accessible to businesses.

"What seems absolutely critical however is that all UK businesses, regardless of their size and shape, understand their place in any new regime. For that to happen, some clear and detailed guidance will be required," he said.

IFRS has been or will be adopted by more than 100 countries around the world. The US Securities and Exchange Commission will decide on whether to make American companies switch in 2011.

Updated: 04 March 2010.
Categories: finance-and-accounting, market-and-industry-news.

Well-qualified people are needed to fill accounting jobs for the London 2012 Olympic Games, it has been revealed.

Speaking to Recruiter, Jean Tomlin, the director of HR for London 2012, stated that the organisation is having difficulty in its quest to find suitable candidates for its accounting jobs.

"It is more difficult to source qualified accountants with strong commercial experience that are able to quickly add value in our environment," she said.

Ms Tomlin added that the London 2012 organisation needs to attract more candidates from a "smaller pool of qualified management accountants in the commercial sector."

The problem of finding highly-skilled people to fill accounting jobs is not just limited to the Olympics or the UK as a whole, recent research has suggested.

According to a report by accountancy firm Grant Thornton, organisations across the world operating in both the private and public sectors are reporting similar issues with finding suitable staff for finance and accounting jobs.

Updated: 24 February 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

Elite workers in roles such as banking and accounting jobs are set to gain more control in the workplace over the course of the next decade, a new report has suggested.

According to research carried out by Friends Provident and the Future Foundation, by 2020 there will be an even greater divide between skilled, professional workers and those without useful qualifications.

"The elite - workers in technical, professional and managerial roles - will command more power in the workplace than ever before, requiring employers to radically rethink how they attract and retain their specialist skills," it was said.

Those in such roles are positive about their future, with more than two-thirds feeling their job is safe and 59 per cent expecting to receive a salary increase each year.

Last week, a report by the Daily Mail suggested that around 25 per cent of people in investment banking jobs have salaries of £1 million a year or more.

For more information about banking jobs

Updated: 18 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

More financial services jobs are on offer to graduates by professional services firm KPMG.

It is to take on 760 university leavers in financial services jobs this September, a 25 per cent increase on last year's figure of 600.

The new intake will also be higher than in 2008 when KPMG welcomed 750 new starters.

Richard Bennison, chief operating officer at KPMG, said the market for financial services jobs was improving, with a growing demand for professional services from clients.

Speaking about the firm's planned graduate intake, he said: "It is about investing today to build the skills-base for the future - in the medium term, we see a growing demand for professionals equipped with the skills that an accountancy-based training brings."

Earlier this month, a survey jointly carried out by KPMG along with the Recruitment and Employment Confederation revealed that job vacancies across the British labour market increased at their fastest rate since July 2007 during January.

Click here to find financial services jobs

Updated: 18 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

PricewaterhouseCoopers (PwC) has announced it plans to change the way it recruits people for accounting jobs.

The world's biggest professional services firm is also one of the UK's leading graduate recruiters and has successfully used a formula to identify the best trainees for a number of years.

It will carry on using its tried and tested assessment method, but plans to introduce a second recruitment programme to help fill its accounting jobs.

Rather than relying on the traditional measures such as academic performance, PwC's new scheme will see applicants asked to sit online tests and produce a business case to outline why they should be hired.

Sonja Stockton, PwC's head of recruitment, said she hoped the new assessment programme would identify individuals with potential who had perhaps not been suited to university life.

"People develop at different stage of academic life and those that demonstrate exceptional drive, capacity and entrepreneurial spirit can have great careers with us," she explained.

The Times named PwC as the top graduate employer in 2009, with the popularity of accounting jobs with people leaving university perhaps emphasised by the presence of Deloitte, KPMG and Ernst & Young in the top ten.

Updated: 17 February 2010.
Categories: finance-and-accounting, market-and-industry-news, recruitment.

Executive pay in financial services jobs and other industries is rising too quickly, City minister Lord Myners has said.

Speaking at a corporate governance seminar in London, Lord Myners described the rapid increase in pay for top financial services jobs as "one of the iconic failures of [shareholder] governance".

He pointed to the latest statistics from the Income Data Services, which show that chief executive officers in FTSE 100 companies are paid 81 times more than an average member of their staff, up from less than 50 times more a decade ago.

"Demand for leadership and talent seems to me to be no greater now than when I first came to work in the City 35 years ago - even then we had large and complex companies that needed good management," he said.

He added that it was important institutional investors exercised greater control over pay for those in senior financial services jobs.

Earlier this month, Lord Myners wrote in the Times that there should be a debate about remuneration levels for banking jobs.

Updated: 11 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking and financial services jobs have been told that all transactions carried out by their organisations should be subject to a so-called Robin Hood Tax.

Almost 50 charities in the UK have teamed up for the campaign, which suggests a 0.05 per cent levy on all retail and investment bank transactions with all of the money being given to good causes.

Organisers say that if such a tax was introduced across the world, around £250 billion a year could be raised for non-profit organisations to use at their discretion.

Alastair Constance, a London-based trader and founder of Ethical Currency, said: "A tiny tax on each transaction is absolutely practical and will hardly be noticed by those paying it."

"But it could still raise billions to help make the world a better place."

However, the plan has been dismissed by David Buik, who is in a financial services job with BGC Partners in London.

He told Bloomberg that it would be "impossible" to monitor and enforce such a levy.

Click here to find financial services jobs

Updated: 10 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Hector Sants is to leave his job as chief executive officer of the Financial Services Authority (FSA), it has been announced.

He will remain in the financial services job until summer, having held the post during three of the most turbulent years in economic history.

Mr Sants said his period at the FSA had seen the regulator address its failings and learn the lessons of the financial crisis.

His time in the role was praised by Lord Turner, chairman of the FSA.

"Hector has given outstanding service and leadership through the turbulent last three years and has played a pivotal role in reforming the FSA into a truly effective organisation," said Lord Turner.

Plans to replace Mr Sants in the senior financial services job will be revealed in due course, the FSA said.

Mr Sants is set to appear in front of the newly-formed The Future of Banking Commission in March to answer questions on March 18th 2010, along with Lord Turner and City minister Lord Myners.

Updated: 09 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A man in a senior financial services job with Royal London 360 has been promoted to the company's board.

Terry Kelly, who has worked for the company since 1999 in a variety of roles, is moving from head of customer services into a new position as director of customer operations.

In his new financial services job, Mr Kelly will be responsible for designing a strategic service model for the firm's operations in the Middle East, as well as managing a new Customer Thinking Initiative.

David Kneeshaw, chief executive of Royal London 360, said Mr Kelly was deserving of his promotion.

"It is a fitting reward for his hard work and dedication since joining us. His experience, coupled with the high regard in which he is held by members of his team, makes him an asset to the company," he stated.

Last month, the company gave its international sales manager Mike Lane a new financial services job as Royal London's first-ever wrap relationship manager.

Updated: 03 February 2010.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

A top financial services job has gone to Mark Neale, an experienced civil servant who has worked at the Treasury and the Home Office.

He is to join the Financial Services Compensation Scheme (FSCS) as its new chief executive, replacing currently incumbent Loretta Minghella in May 2010.

Mr Neale will leave his current financial services job as director general of budget, tax and welfare at the Treasury in order to take up the new position.

David Hall, chairman of the FSCS, said he was sure Mr Neale would be a success in his new role.

"He brings a great breadth and depth of leadership experience in large scale contingency planning, operational delivery and financial policymaking," Mr Hall stated.

Last month, FSCS filled another of its financial services jobs - appointing Kate Bartlett as its new director of operations.

Ms Bartlett, who is also set to become an executive director at the organisation, is to take on the role from February 1st 2010.

Updated: 29 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Rewarding staff in banking jobs with bonuses should be a secondary priority behind bolstering balance sheets, a leading figure at the Bank of England has stated.

Andrew Haldane, executive director for financial stability at the Bank of England, said that firms should concentrate on reducing their long-terms debts by holding on to profits rather than paying out more to shareholders and those in banking jobs.

"This would allow banks' balance sheets to be repaired while supporting lending to the real economy," he stated.

But he added that there had been little evidence of such behaviour so far among companies operating in the banking sector.

Last month, Mr Haldane revealed his fears that the financial sector was caught in a "doom loop".

He told BBC News that those in banking jobs felt confident making risky investments in the knowledge that the government will bail them out should the deal go wrong.

Each time a new bailout is made, firms are encouraged to make larger and riskier investments, he explained.

Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Banking jobs will suffer if Barack's Obama's plans to break up the banking sector are passed, Bob Diamond has warned.

Speaking at the World Economic Forum in Davos, Mr Diamond, the president of Barclays, said restricting the activities of commercial banks was a bad idea.

He stated that it would not only be banking jobs that were affected by such legislation.

"The impact on jobs, global trade and the global economy would be very negative," said Mr Diamond.

If Obama's proposals go through, retail banks in the US will not be allowed to engage in proprietary trading or have any stake in private equity firms or hedge funds.

Mr Diamond added: "I have seen no evidence that suggests shrinking banks and making them smaller and more narrow is the issue."

Last month, he told the Wall Street Journal that banking jobs should be better regulated rather than making financial institutions subject to restrictions on what sectors they are allowed to operate in.

Updated: 28 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, market-and-industry-news.

A financial services job at asset management company Gartmore has been filled.

Richard Turner joins the firm from Williams de Broe to take up the role of account director to the company's British retail distribution team.

In his latest financial services job, which is a new position at the firm, Mr Turner will be responsible for fund distribution to wealth managers and independent financial advisers (IFAs).

He will be reporting directly to Warren Shiels, head of intermediary sales at Gartmore.

Mr Shiels said Mr Turner was an excellent fit for his new financial services job.

"Richard's twelve years of financial industry experience with national IFA firms and third party clients in the UK will prove invaluable," stated Mr Shiels.

Gartmore has been carrying out something of a recruitment drive in recent months, appointing a new senior credit analyst and head of credit last September.

In October last year, it filled other financial services jobs at the company via the appointments of Brian Mitchell as head of dealing and Jan de Bruijn as head of Asian equities.

Updated: 28 January 2010.
Categories: career, finance-and-accounting, london, market-and-industry-news, permanent-placement.

People in financial services jobs in investment firms and insurance brokers have been warned that they must ensure that the money and assets of clients are properly protected.

The Financial Services Authority (FSA) has written to the chief executive officers of such companies to warn them of the potential consequences of failing to manage this.

According to the regulator, it has already seen widespread examples of incomplete or inaccurate records, unclear arrangements for the segregation of clients' money and poor management oversight and control practices.

The FSA said it has already frozen the assets of one firm.

Sally Dewar, FSA managing director of risk, told those in financial services jobs that client asset rules must be adhered to.

"It is simply unacceptable that firms are not ensuring that consumers get the appropriate protection," she stated.

"We . will be following up these concerns with further visits this year."

Last month, the FSA proposed changes to how financial institutions conduct stress tests.

The regulator wants to carry out its own periodic stress tests on businesses operating as part of a more robust examination process.

Updated: 22 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in financial services jobs in investment firms and insurance brokers have been warned that they must ensure that the money and assets of clients are properly protected.

The Financial Services Authority (FSA) has written to the chief executive officers of such companies to warn them of the potential consequences of failing to manage this.

According to the regulator, it has already seen widespread examples of incomplete or inaccurate records, unclear arrangements for the segregation of clients' money and poor management oversight and control practices.

The FSA said it has already frozen the assets of one firm.

Sally Dewar, FSA managing director of risk, told those in financial services jobs that client asset rules must be adhered to.

"It is simply unacceptable that firms are not ensuring that consumers get the appropriate protection," she stated.

"We . will be following up these concerns with further visits this year."

Last month, the FSA proposed changes to how financial institutions conduct stress tests.

The regulator wants to carry out its own periodic stress tests on businesses operating as part of a more robust examination process.

Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Up to 100,000 new financial services and banking jobs could be created in London over the next decade, an expert has predicted.

In comments reported by the Daily Telegraph, Savvas Savouri, chief economist at Tosca, said that the economic growth of countries such as Brazil, Russia, India and China will fuel job creation in the capital.

He stated that these countries do not have the infrastructure in place to support the amount of financial services and banking jobs necessary to serve their emerging economies.

"We have an affinity with India, with the Gulf, even with China - via Hong Kong," Mr Savori told the Financial Times.

"These markets will want a western hub."

Earlier this month, a study carried out by independent market research consultancy High Fliers forecast that there will be a 30 per cent rise in the number of investment banking job vacancies open to graduates in 2010.

It also predicted an upturn in the number of graduate jobs in high street banks and financial

Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.

People in financial services jobs are vital to the health of the British economy, according to Richard Lambert, director general of the Confederation of British Industry (CBI).

Speaking at the launch of the PricewaterhouseCoopers and CBI report entitled The Future of the Financial Services, Mr Lambert said the sector was needed to provide support for businesses and consumers in the country.

He added that those in financial services jobs had to strike a balance between being both "responsible and innovative" when carrying out their work on a day-to-day basis.

"We must learn the right lessons from the catastrophe that hit parts of the wholesale banking sector . and build a regulatory and tax structure that encourages healthy competition and sustainable growth," he stated.

In November, Mr Lambert predicted that the way in which financial services jobs operate is set to change - with a greater focus being placed upon long-term success rather than short-term gains.

Updated: 21 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Two senior financial services jobs at NS&I have been filled.

Financial services secretary Lord Myners has appointed John de Trafford and David Hulf as non-executive directors at the organisation.

The pair are to replace Paul Spencer and Michael Medlicott, whose six-year tenure, which is the maximum time allowed in the posts, came to an end last month.

Mr de Trafford previously held a variety of different financial services jobs at American Express, working as its head of consumer marketing in the UK, as well as regional president for northern Europe.

Meanwhile, Mr Hulf has worked until recently at BP as its deputy global chief financial officer.

Jane Platt, chief executive of NS&I, said she was delighted to welcome the pair to their new financial services jobs.

"These two outstanding appointments will strengthen the team as we take the next steps in delivering NS&I's modernisation programme," she stated.

Earlier this month, an NS&I survey revealed that 30 per cent of people in the UK are planning to save more money this year than they did in 2009.

Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Three financial services jobs on the board for actuarial standards (BAS) at the Financial Reporting Council have been filled.

Among those joining the board are Oonagh McDonald, a former director at the Financial Services Authority.

She held a senior financial services job as a director at Skandia Insurance Group.

Ms McDonald is joined on the board by Mukesh Muttal, the former chief actuary of Old Mutual and deputy chief actuary Allianz SE.

They will be joined at the FRC by another new colleague - David Hare, actuary to Standard Life UK.

Sir Christopher Hogg, chairman of the FRC, expressed his delight with the quality of appointments made by the body.

"Each has very valuable experience and background for BAS in this crucial year when key Technical Actuarial Standards are scheduled to be produced," he stated.

Sir Christopher added that he expects to make one further appointment to the board in the near future.

Earlier this month, the FRC called for clarity in how intangible assets are valued in annual reports and accounts by those in merger and acquisition accounting jobs.

Updated: 21 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Two men in senior financial services jobs have been appointed to the board of directors at the British Insurance Brokers' Association (Biba).

Ken Davidson, chairman of Crispin Speers, has prior experience of the organisation having previously held the post of chairman of Biba's London Market Regional Committee (LMRC).

Another new board member is Brendan McManus, who currently holds a senior financial services job as chief executive of Willis UK & Ireland.

Before joining Willis, Mr McManus worked at Royal & SunAlliance as managing director of its brokerage business.

Eric Galbraith, chief executive of Biba, said both had excelled in their previous and current financial services jobs and would do so again on the organisation's board of directors.

"I look forward to welcoming Brendan and Ken to the board as I know that they will both bring invaluable understanding and experience of the broker market," he stated.

Last week, Biba also added Guy Holland-Bosworth, chief executive of Hayward Aviation and Kevin Hancock, Bluefin managing director of underwriting, to its LMRC board.

Updated: 19 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Staff in London banking and financial services jobs may be tempted to transfer to Asia, it has been suggested.

Dan McNicholas, head of Asia financing sales at Bank of America Merrill Lynch, told Bloomberg that his company was currently helping to establish more than a dozen new hedge funds in the region.

He attributed the growing trend to harsher industry regulation in Europe and the US, going on to suggest that those in banking jobs in London and New York could be ready to make such a move.

"When you compare to New York or London, the business environment has been very friendly for managers," he said of Hong Kong and Singapore.

"[In London and New York] you are seeing tax proposed and other restrictions on business."

Last week, a poll carried out by the Chartered Institute of Securities & Investment (CISI) revealed that 61 per cent of people in financial services jobs believe that the 50 per cent levy on bankers' bonuses is unjustified.

Updated: 19 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, international, london.

UBS has appointed Dermot Murphy to one of its senior financial services jobs, it has been reported.

The former head of Credit Suisse's European distressed debt trading has accepted the role of co-head of UBS's non-investment debt trading, according to the Financial Times.

He is one of a number of professionals taking up new financial services jobs with the Zurich-based international wealth management firm.

The distressed debt research division will now be headed up jointly by Andrey Panna and Clemens Zehndorfer.

Last month, UBS announced it will not be engaging in legal action against former senior staff over its sub-prime losses.

A board review found there was no evidence that those who had previously held senior financial services jobs at the company had acted with criminal intentions.

For this reason, no civil action will be entered into by the organisation.

Officials stated they had "drawn a line" under the past and put measures in place to ensure there is no chance of a repeat situation.

Updated: 19 January 2010.
Categories: finance-and-accounting, london, market-and-industry-news.

Ernst & Young is "thrilled" to be recognised as the most gay-friendly accountancy jobs provider in the UK.

The firm was the highest-scoring accountancy organisation in Stonewall's Workplace Equality Index (WEI), finishing third overall.

It was given the Employee Network Group of the Year gong by the charity in recognition of the work of its Gay, Lesbian and Transgender group (EYGLES).

This support service offers mentoring, workshops and networking events to its members.

Co-chair of EYGLES Cameron Carnell remarked: "I have been particularly impressed with the way EYGLES has influenced the broader diversity and inclusiveness agenda at Ernst & Young."

IBM came out on top of the WEI, with Hampshire Constabulary, Brighton and Hove City Council, Goldman Sachs, the Home Office and Manchester City Council also appearing in the top ten.

Last year, Ernst & Young was honoured at the Arts and Business Awards for its educational work with young people in the community.

Updated: 19 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Those in financial services jobs are set to be the subject of a record number of complaints this year, it has been predicted.

Regulatory body the Financial Ombudsman Service (FOS) said that it expects there will be a 27 per cent increase in the amount of complaints it receives about financial firms in 2010/11.

If the forecast is correct, that will mean 210,000 consumers contacting the FOS, up from 165,000 doing so in 2009/10.

That figure itself is a 44 per cent rise on the amount recorded in 2008/09.

Those working in consumer credit and banking jobs were warned that the two sectors are likely to face the largest increases in the number of complaints made against their companies.

Earlier this week, the FOS announced it was filling one of its own top financial services jobs.

It has appointed Natalie Ceeney, who has previously worked as a strategic consultant at McKinsey & Company, as its new chief ombudsman and chief executive.

Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Graduates seeking investment banking jobs in the City of London have been told that vacancies for such positions will increase by more than 30 per cent in 2010.

According to independent market research consultancy High Fliers, there are also an increasing number of graduate positions at financial services firms and high street banks.

Among the companies offering the most financial services jobs this year are PricewaterhouseCoopers (which has more than 1,000 vacancies), Deloitte (1,000 positions) and KPMG (600 jobs).

Martin Birchall, managing director of High Fliers, said: "After two years of swingeing cuts in graduate recruitment, it's very encouraging that Britain's best-known and most sought-after employers are stepping up their entry-level vacancies for 2010."

But, he warned that the job market will remain tough for university leavers as many of the positions had already been filled by graduates who had job offers postponed in 2009.

Earlier this week, a Confederation of British Industry report stated that this quarter was likely to be a stable one for those in financial services jobs, with redundancies forecast to be "minimal".

Updated: 18 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A financial services job at Ignis Asset Management has gone to Chris Fellingham, who has previously worked for Royal Insurance and Blackrock/ Merrill Lynch/ Mercury Asset Management.

Mr Fellingham has been appointed as chief investment officer for fixed income at Ignis, with Peter Reid to remain responsible for all other asset classes in his role as chief investment officer at the firm.

Before taking on his new financial services job at Ignis, Mr Fellingham worked for George Soros's London-based asset management business.

Chris Samuel, chief executive at Ignis, said that the appointment would help the company achieve its ambitious goals in the coming year.

Mr Samuel stated: "Chris's appointment is obviously a major coup. His experience and input will be invaluable to the business."

"This is another major step towards ensuring that we have the investment and management talent to deliver on our aspirations."

Earlier this week, Stuart Thomson, chief economist at Ignis Asset Management, told the Times that the company does not believe the UK will lose its AAA debt rating, even if the upcoming general election results in a hung parliament.

Updated: 12 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Financial services jobs are expected to remain relatively secure this quarter, the Confederation of British Industry (CBI) has forecast.

Although the latest CBI report does expect the next three months to be a tough period for the sector, as business volumes fall and profitability stagnates, it added that there were some positives from the last quarter for those in financial services jobs.

Ian McCafferty, chief economic adviser for the CBI, said: "Confidence in the general business situation has continued to increase, profitability improved and a much slower reduction in numbers employed was seen in this survey."

He added that job losses in the financial services industry are expected to be "minimal".

The report also noted that 31 per cent of firms are now positive about their future economic outlook than they were in September 2009.

Earlier this month, Mr McCafferty said that the UK could expect sub-par growth throughout 2010 and into 2011 as the economy struggles to get back to its feet.

Updated: 12 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

A top financial services job has gone to Natalie Ceeney, a former strategic consultant at McKinsey & Company.

Ms Ceeney has been appointed as chief ombudsman and chief executive at the Financial Ombudsman Service (FOS).

Her responsibilities will include overseeing the 200,000 complaints a year handled by the regulatory agency.

She is replacing Walter Merricks in the financial services job after he stepped down from the post last October.

Sir Christopher Kelly, chairman of the agency, said that he was sure Ms Ceeney would be a success in her new financial services job.

"Natalie will be ideally positioned to meet [the challenges ahead] - with her extensive experience in strategic change management and engagement with a range of government departments and stakeholders," he stated.

Last month, a spokesman for the FoS told ThisIsMoney that the agency may still consider consumer complaints against overdraft charges, despite a legal ruling made by the Supreme Court saying that such levies were justified.

Updated: 11 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The top financial services job at Witan Investments Trust has been handed to Andrew Bell, the current head of research and strategy at Rensberg Sheppards Investment Management.

Mr Bell will take on the role of chief executive officer (CEO) at Witan once a handover period has been agreed between the two companies.

He said of his new financial services job: "The CEO role at Witan is a great opportunity in a sector that in my view has a great deal to offer investors and in which I have had a special interest for many years."

His position at Rensberg Sheppards is to be filled with immediate effect by John Haynes, who has previously worked there as a North American strategist and as chairman of the firm's asset allocation committee.

In its recent Market Monitor report for winter 2009, Rensberg Sheppards said that equity markets had consolidated their summer 2009 growth levels during the final quarter of last year.

Updated: 08 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

Adair Turner, the chairman of the Financial Services Authority (FSA), has said that it is not the task of the regulator to help create more financial services jobs.

He told Bloomberg that the FSA exists to challenge any wrongful practices being carried out by those in the sector rather than to merely make it "as large as possible".

"There is a confusion that blew up over the years that the FSA ought to be the cheerleader for London's financial services industry," he stated.

But Mr Turner's days of regulating financial services jobs may be numbered as the Conservatives have pledged to abolish the FSA if they are elected this year.

David Cameron has said the FSA had failed to effectively regulate the banking industry in the years leading up to the financial crisis.

In November, the government gave the FSA the power to void the contracts of those in banking jobs if it was found they contravene specific rules governing the sector.

Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Brokers are being tempted back into banking jobs by investment firms offering to double their salaries to compensate for lower bonus payouts, an industry expert has said.

Daryl Bowden, co-chief executive of the equities unit of brokerage ICAP, told Bloomberg that traders and analysts who left their banking jobs for brokerage companies during the financial crisis are being targeted by their former employers.

"They're doubling salaries and offering above-average compensation," he stated.

"Banks today have limited risk so people can work there without fear."

At the height of the financial crisis, investment banks in London cut around 49,000 jobs with boutique firms taking on many of those made redundant.

Robert Iati, global head of consulting at research firm TABB Group, said a "boomerang effect" was starting to take place with many of these people returning to banking jobs.

Last week, the Guardian reported that investment bankers at Barclays may be in line for pay rises of 150 per cent, with their salary increase being backdated to last June.

Updated: 08 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Scottish Widows Investment Partnership (SWIP) filled one of its top financial services jobs by appointing Mark Connolly as its new director of fixed economy.

Mr Connolly has more than 30 years of experience in the sector and joins the SWIP from Standard Life Investments, where he was employed as executive director of distribution and client services.

Dean Buckley, managing director of SWIP, welcomed Mr Connolly to his new financial services job and said that he was delighted to have made the appointment.

"Mark brings with him a huge amount of experience and success not just in fixed income but also across other disciplines including sales and marketing," Mr Buckley stated, adding that he believed the arrival will help SWIP develop its fixed income offering.

Two months ago, SWIP filled another of its financial services jobs when it appointed James Taylor, the former head of fixed income portfolios at Gulf investment Bank, as an investment director in the field of government bonds.

Updated: 07 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in banking jobs who have complained of being victimised by the government's new 50 per cent tax on bonuses have received support in a new poll.

Research was carried out by the Chartered Institute of Securities & Investment (CISI) and found that 61 per cent of people in financial services jobs believe that the levy is unjustified.

One opponent of the measure told the CISI survey that he believed the legislation would backfire badly against the government.

"This is blatant electoral opportunism and will see wealth generators leave this country in their droves," the unnamed respondent said.

"London will be less competitive and we will no longer be at the forefront of the financial industry."

Last month, the Independent reported that Goldman Sachs is considering moving 1,000 of its 5,000 London banking jobs to Spain in reaction to the bonus tax.

The one-off levy applies to bonuses of more than £25,000 and is paid by financial institutions rather than the bankers themselves.

Updated: 07 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A top financial services job in London has gone to Therese Reinheimer-Jones.

Ms Reinheimer-Jones has been appointed as regional director for London by the National Skills Academy for Financial Services (NSAFS).

She has previously worked as the head of the Financial Services Skills Academy at Tower Hamlets College in the capital.

In her new financial services job Ms Reinheimer-Jones will be responsible for helping employers understand and respond to new regulation of the sector, as well as providing support with the development of staff skills.

Geoff Kinsella, chairman of the London board of NSAFS, welcomed her appointment and added: "NSAFS is well placed to assist employers to face these challenges and to ensure that the quality of the employees in the sector allows London to retain a competitive edge."

Last year, NSAFS filled another of its top financial services jobs by appointing Karl Hopper-Young, a director at Sussex Independent Financial Advisers, as chairman of its south-east regional board.

Updated: 06 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

A Financial Services Authority (FSA) job has gone to Julian Edwards.

Mr Edwards, who has previously worked at Which? and Consumer International, will take up a newly-created financial services job at the regulator - that of consumer senior adviser.

In the role, he will oversee the FSA's commitment to deliver "better outcomes" to consumers via tough supervision and risk assessments of financial institutions.

Hector Sants, chief executive officer of the FSA, said that he was sure Mr Edwards would be a success in his new financial services job.

"Through intensive and intrusive regulation we are focusing our skills and insight into not just taking action when we find failures - but proactively identifying and addressing issues that have the potential to harm consumers," he added of the FSA's overall plans.

Last month, the FSA also appointed former Natwest regional managing director Graham Halliday as a new senior adviser specialising in the retail banking sector.

Updated: 06 January 2010.
Categories: finance-and-accounting, market-and-industry-news.

People in top banking and financial services jobs could leave the UK once tough new taxes are introduced from April next year, a HR director has warned.

That is the date when income tax will rise to 50 per cent on earnings of more than £150,000 a year and staff in HR jobs have been warned they may have a fight on their hands to keep their company's top employees.

Daniel Kasmir, group HR director at Xchanging, told Human Resources magazine: "The implications could be significant. These senior, high-earning staff are the real brain-boxes of business."

"People who are earning salaries of £5 million or £6 million will attempt to go elsewhere."

The new rate will put the UK's taxes for higher earners above countries like the US, Germany and Australia.

Last month, Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that those in HR jobs with banking firms would have to deal with staff wanting to change their contracts in the wake of the new 50 per cent levy on bonuses.

Updated: 06 January 2010.
Categories: banking-and-financial-services, finance-and-accounting, human-resources, london, market-and-industry-news.

A top financial services job at West Bromwich Building Society has gone to Mark Nicholls, a former director at investment bank Warburg.

Mr Nicholls has been appointed chairman of the building society after a five-year association with the firm that began when he joined the company's board in 2004.

He has held a range of top financial services jobs in the past, including a period as managing director of Royal Bank of Scotland's private equity business.

Robert Sharpe, chief executive of West Bromwich Building Society, told the Birmingham Post that Mr Nicholls was the right man for the job.

"I can think of no one who fits the requirements of chairman better," Mr Sharpe said.

"Mark will provide a significant contribution to the future direction of the society."

He is to replace current incumbent Brian Woods-Scawen in the top financial services job.

In October, the company appointed Robert Sommers, a former chief financial officer with Barclaycard US, as a non-executive director.

Updated: 30 December 2009.
Categories: finance-and-accounting, market-and-industry-news.

The Federation of Small Businesses (FSB) has called for a range of changes to the financial services industry next year.

FSB chairman John Wright said it was vital for small businesses that those in banking jobs return to their normal lending criteria in order to help firms get better access to credit.

He also said that his organisation would welcome the arrival of non-UK banks into the financial sector to stimulate more competition in the industry.

On behalf of the FSB he went on to suggest that: "Regional Development Agencies should be turned into regional finance houses, using funding from the European Investment Bank and pushing the Enterprise Finance Guarantee and regional venture funds."

Mr Wright also stated he would support proposals to turn Post Offices into "Post Banks", a move he said would provide valuable funding for small firms while also ensuring the survival of the Post Office network.

Earlier this month, Lord Mandelson opened a public consultation period on plans to offer banking services and products through the organisation.

Updated: 30 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Professionals working in accounting jobs could be tempted to become self-employed consultants due to the current state of the recruitment market.

According to data recently published by the Conservative Party, many people in white collar occupations have begun to claim jobseekers allowance.

For instance, the number of people in accounting jobs who have claimed for unemployment benefits has grown by 250 per cent.

Responding to the findings, chief executive of Work Wise UK Phil Flaxton commented that a significant number of white collar professionals have opted not to jump back into the job market at the first opportunity having lost their jobs.

He forecast that many people in this situation will "drift into self-employment".

Mr Flaxton said that a number of people in this position will become self-employed consultants "because of their background, experience or knowledge of a particular sector".

Others will take advantage of a generous redundancy package to fulfill their ambitions to be their own boss, he added, saying: "It is a fascinating development."

Updated: 24 December 2009.
Categories: finance-and-accounting, market-and-industry-news.

Professionals working in permanent placements should not expect pay rises in 2010, the Confederation of British Industry (CBI) has warned.

The CBI said it has witnessed signs the UK's economy is beginning to recover and predicted that it would experience slow but steady growth during 2010.

While this may be good news in the long term, John Cridland, the CBI's deputy director general, does not expect workers to experience the benefits of the recovery in the immediate future.

"In the spring many staff will face another cycle of wage freezes, and job losses will continue rising until the autumn," he said.

The CBI predicted that after severely constrained wage growth in 2010, earnings would grow by an average of 3.9 per cent in 2011.

News that pay rises are unlikely to be available may persuade some professionals to try to take advantage of the improving economic conditions by looking for a permanent position with a better salary package.

Updated: 23 December 2009.
Categories: finance-and-accounting, market-and-industry-news.

The RBS board has warned of resignations if it is not allowed to pay bonuses to its investment bankers.

Directors in Royal Bank of Scotland (RBS) banking jobs have threatened to quit in a row with the government over bonus payouts.

Chancellor Alistair Darling had said the government would veto bonus payouts if it decided that doing so was in the interest of the taxpayer.

But the RBS board have turned to their lawyers and warned they may resign if they are not allowed to pay staff working in investment banking jobs at the organisation around £1.5 billion in bonuses.

The basis of their argument is that bonus payouts will keep the bank competitive by ensuring its best staff are not tempted elsewhere.

Liberal Democrat Treasury spokesman Vince Cable urged the government not to back down on the issue.

"I would welcome their resignations, as the bank cannot hold the taxpayer to ransom," he said of the state-owned bank.

"The government must take control and ensure that both its pay and lending practices are in the public interest."

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

FSA regulation affecting those in banking jobs will not be extended beyond its current remit.

The Financial Services Authority (FSA) has announced its new rules on remuneration for those in brokerage, building society and banking jobs will not widened to include other organisations operating under the regulator's authority.

It had put the plans, which are due to come into force from the start of January 2010, out to public debate and has decided against imposing the measures against any other financial services sectors for the time being.

The rules will retrospectively apply to remuneration awards made in 2009 to those in banking jobs, as well as broker and building society workers.

All the affected firms have provided the FSA with their remuneration policy statements for the year and the regulator is currently examining them to ensure they comply with its new code.

The regulation is part of a wider crackdown on the financial services and banking industry currently being undertaken by the FSA in light of the financial crisis.

Earlier this month, it banned two brothers for working as insurance brokers after they concealed a criminal conviction held by one of them.

Waqas and Faraz Siddique also saw their brokerage, Aston Sterling Insurance Services, banned as part of the ruling.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

A top financial services job has gone to Ian Sayers.

It has been confirmed that Ian Sayers, the acting director general of the Association of Investment Companies (AIC), is to keep the financial services job on a permanent basis.

He will officially take on the permanent role form January 1st 2010 after working as the interim director general since July this year following the departure of Daniel Godfrey from the post.

Mr Sayers described himself as "extremely honoured" to be offered the financial services job and said he was looking forward to meeting the challenges it is going to bring.

"The investment company industry faces a uniquely challenging time, as policymakers try to tackle the problems arising from the recent financial crisis, but I am lucky to inherit an experienced and committed team," he said.

Earlier this week, research carried out by the AIC saw its fund managers predict that low growth will be the biggest threat to markets over the course of next year.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The European Commission has given the go-ahead to the planned programme of restructuring to RBS.

The European Commission has approved the restructuring plan for the Royal Bank of Scotland (RBS), stating that the move would mean a sustainable future for the firm.

But the move will hit the number of people in financial services jobs with RBS as it will have to sell off a number of assets, including its insurance, commodity trading and transaction management operations.

It will also get rid of 300 branches and 40 commercial centres in order to divest itself of five per cent of its corporate banking services' market share.

Competition commissioner Nellie Kroes warned that more divestments would be required if RBS did not meet the targets by 2013.

Lord Myners, financial services secretary to the Treasury, welcomed the move, which he said would be good news for the public.

"Together with the eventual sale of Northern Rock and divestments from Lloyds, we could have three new banks operating on the High Street within four years," he stated.

Updated: 21 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

                                        A PricewaterhouseCoopers (PwC) partner is to take on a new financial services job at the Financial Reporting Council (FRC).

Marek Grabowski is retiring from his post at PwC at the end of the month and will start his new role as the executive director of FRC's auditing practices board (APB) from March 2010.

He is to replace Jon Grant in the top financial services job, who has held the position since 1996.

Mr Grant will continue to work for the FRC on a part-time basis.

Speaking after his appointment, Mr Grabowski said that he was excited about taking on a new challenge.

"I am looking forward to working with the APB to help shape its future strategic priorities so that it remains at the forefront of international thinking," he said.

Last month, the FRC appointed Anthony Snow as its new chief operating officer.

Mr Snow previously held the same position at the Wales Audit Office.

Updated: 21 December 2009.
Categories: finance-and-accounting, market-and-industry-news.

Other financial services jobs at banks could be affected by the banking bonus tax.

The government's bonus tax will not just apply to those in banking jobs at financial institutions, HM Revenue and Customs (HMRC) officials have said.

Officials began briefing staff in banking jobs about the levy earlier this week and it was revealed that the tax will apply to other senior staff within City firms.

Senior IT workers in banks will definitely be affected, but it remains unclear as to whether people in marketing, legal and accounting jobs will also be subject to the new legislation.

Because the HMRC guidelines are vague as to who is affected, confusion remains in the City as the end of the year approaches and banks attempt to finalise their bonus payouts.

Angela Knight, chief executive of the British Banking Association, said of yesterday's meeting: "In some areas we are clearer now, in others we are awaiting clarification."

Last week, Guy Lamb, an employment partner at law firm DLA Piper, told Personnel Today that bankers were almost certain to want to make changes to their contracts in order to find a way around the levy.

Updated: 18 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

David Davis is to head a new commission focused on the future of banking.

A new body has been formed to investigate how people in banking jobs can carry out reform and listen to the concerns of the public more effectively.

The Future of Banking Commission will be chaired by Conservative MP David Davis, with the Liberal Democrat's Vince Cable, Labour's John McFall and Which? also involved.

A number of people from top financial services and banking jobs will also be on the panel, including David Pitt-Watson, the chairman of Hermes Focus Asset Management.

The aim of the commission, which is due to meet for the first time in early 2010, is to restore public confidence in the banking sector by listening to voices from inside and outside the industry.

Peter Vicary-Smith, chief executive of Which?, said: "It seems ludicrous that past banking inquiries have ignored those who have been hit hardest by the banking crisis - the ordinary people and the wider interests of society.

"This is an opportunity to right that wrong."

Earlier this week, financial services minister Lord Myners said that people in banking jobs could improve the public opinion of them by working closely with the government to create a safe and responsible sector.

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Banks are to gradually phase out the use of cheques.

The Payments Council, which is partially made up of people in senior banking jobs, has announced cheques will be phased out of use by 2018.

In a statement to explain the decision, the council stated that the cheque was in terminal decline and making the decision now would allow alternative forms of payment to be offered to businesses and consumers.

Paul Smee, the chief executive of the Payments Council, said that the goal of his organisation was to ensure that by 2018 there would be no scenario where it would be necessary to use a cheque.

The move has already been condemned by Liberal Democrat MP Paul Hunter, who is leading a parliamentary campaign to save the cheque.

"Many elderly, housebound and disabled people rely on cheques for payment and will be massively inconvenienced," he said.

Mr Hunter added: "Bankers are dealing a massive blow to businesses up and down the country."

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in top banking jobs would be kept on to administer their firm should it fail, the Treasury has proposed.

People in key banking jobs at a firm which has just failed will be kept on via an "operational reserve" that will pay them to stay at the company and handle the returning of money to clients, it has been proposed.

The measure was announced in a speech by financial services minister Lord Myners, which set out the Treasury's plans for handling potential future failures by investment banks.

Other proposals outlined in a Treasury consultation paper include making it easier for investors to access their assets should a company fail, as well as the formation of a new administrative body to watch over investment firms.

Lord Myners said the moves were necessary to prevent a repeat of meltdown of the financial sector that occurred when Lehman brothers went bankrupt last year.

"Investing in London should not be an all or nothing gamble, and these measures will allow investors to make calculated determinations in a secure environment," he stated.

Earlier this week, Barclays president Bob Diamond told the Wall Street Journal that big banks would not need to be broken up if the correct legislation to police the sector was put in place by regulators.

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Kate Bartlett has been appointed as director of operations at the Financial Services Compensation Scheme.

A top financial services job as director of operations at the Financial Services Compensation Scheme (FSCS) has gone to a former UBS manager.

Kate Bartlett will be taking on her new role from the start of February next year.

As well as working in a series of senior positions at UBS for the past 15 years, she has previously held financial services jobs with Cazenove and Anderson Consulting, specialising in IT projects.

David Hall, FSCS chairman, welcomed Ms Bartlett to her new post.

"Kate will build on the organisation's many achievements and play a central part in delivering an even better compensation service for consumers," he said.

Since it was set up in 2001, the FSCS has paid out more than £21 billion in compensation to customers affected by bank failures.

She will arrive at the agency at the same time that its current chief executive, Loretta Minghella, steps down.

Ms Minghella announced her intention to resign from the financial services job in October this year.

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

Financial services jobs involving investment advice are set to be subject to reforms.

Investment advisers working in financial services jobs are set to be subject to new regulations regarding their professional standards.

The Financial Services Authority (FSA) has proposed the legislation in its Retail Distribution Review (RDR), which is now open to public consultation for a three-month period.

Under its plans, financial advisers, both independent and restricted, will have to adhere to common ethical standards, meet enhanced professional benchmarks and sit exams for new, higher-level qualifications.

Sheila Nicholl, the FSA's director of conduct policy, said: "We will closely supervise the necessary improvement in standards that we are seeking to bring about which, along with the other aspects of the RDR, will come into force from the beginning of 2013."

The Association of Independent Financial Advisers has welcomed the announcement and said it is looking forward to working alongside the FSA on the finer details of the proposed reforms.

It added that it was pleased the FSA had withdrawn an additional proposal to set up an Independent Professional Standards Board, due the potential costs of paying for the new body.

Updated: 17 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, jobs, market-and-industry-news.

Big banks should be subject to the correct regulation rather than being broken up, the president of Barclays has suggested.

Bob Diamond, who holds one of the world's top banking jobs as president of Barclays, has said that big banks should not be broken up.

Mervyn King, governor of the Bank of England has led growing calls for banks to be split into smaller operations to head off a repeat of the financial crisis but Mr Diamond has said such a move is not necessary.

"The question isn't whether we have smaller banks," he told the Wall Street Journal. "The question is the right regulatory framework around the larger, more complex banks and I think the regulators are getting there."

He went on to predict that the future for those in banking jobs will be essentially the same, although financial institutions will be operating with more capital and less leverage than in the past.

Earlier this month, David Lascelles, a senior fellow at the Centre for the Study of Financial Innovation, told Bloomberg that European banks were "sowing the seeds" for the next financial crisis after it was revealed that 15 of them now have more assets than the country they are based in.

Updated: 15 December 2009.
Categories: finance-and-accounting, market-and-industry-newsbanking-and-financial-services.

A top financial services job at ING has gone to Jan Meulenbelt.

ING has filled one of its top financial services jobs in its real estate investment management division.

Jan Meulenbelt has been appointed as global head of ING Real Estate Select, a position he will take up from January 1st 2010, subject to approval from the Financial Services Authority.

He is to replace Nick Cooper in the financial services job, after Mr Cooper decided to resign when ING announced its intention to relocate its head global Select business to the Netherlands.

Mr Meulenbelt is an internal appointment, having worked for ING Real Estate Select since 2006.

Pieter Hendrikse, chief executive officer of ING Real Estate Investment Management Europe, said: "With Jan Meulenbelt's experience and team leadership I am convinced that we can continue to offer clients investment performance with central advice and allocation to the different global regions."

Mr Cooper is not the only high-profile departure set to affect ING.

Last month, Menno Maus, the chief executive officer of ING Real Estate Development, announced his intention to resign from the company at the end of January next year.

Updated: 15 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

People in banking jobs must work hard to improve public opinion about them, Lord Myners has said.

People in banking jobs have been told they must work with the government to turn around public opinion and help to create a safe and responsible industry.

Lord Myners, financial services minister, made the call in a speech at a New Statesmen event in Westminster today (December 14th 2009).

He said that, along with the public and the government, many people in banking jobs were also angry at the resistance to reform that was being encountered in some quarters of the City.

"Bankers, the vast majority of whom were not to blame for the recklessness of a few of their peers, have been saddened as the reputation of their profession has been tarnished seemingly beyond repair," he stated.

Lord Myners added that it is vital for banks to improve the quantity and quality of their capital, in order to safeguard investors, taxpayers and the banking system itself.

Last month, Lord Myners lambasted bankers for not agreeing to remuneration restrictions, reserving particular criticism for Goldman Sachs' boss Lloyd Blankfein.

Updated: 15 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The government has been told it needs to let City firms know if they are affected by the new tax on bonuses.

The Treasury has been urged to publicise more precise details on its bonus tax for those in banking jobs in order to head off potential legal problems.

Richard Saunders, chief executive of the Investment Management Association, told the Times that clarification on the new rules was needed as soon as possible.

He suggested that firms needed to make decisions immediately if they were affected by the legislation.

His words were backed up by David Berman, a partner at City law firm Macfarlanes, who said that the rules appear to affect many more companies than just deposit-taking banks.

"Private equity firms, corporate finance houses and brokerages will all be combing through the rules to try and work out whether their actual business activities are caught," he suggested.

Chancellor Alistair Darling announced the plans to tax institutions whose bankers earn bonuses of more than £25,000 this year.

He stated that the move against those in banking jobs would have the potential to raise £550 million, money which will be put towards employment schemes throughout the UK.

Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

The FSA has proposed changes to how stress tests are carried out at financial institutions.

The Financial Services Authority (FSA) has strengthened regulations on how firms conduct stress tests.

As part of the new plans, executives in top financial services and banking jobs will have to ensure their institution develops their own tough stress tests which examine the company's ability to meet capital and liquidity requirements.

The FSA will also carry out their own stress tests on a number of firms on a periodic basis as part of the changes.

Paul Sharma, FSA director of prudential policy, said: "These changes send a clear signal to firms' senior management that they need to engage in building a robust stress testing infrastructure as an important part of effective risk management."

A consultation period will now be opened on the proposals, with people able to raise concerns or queries with the FSA up until the end of March 2010.

The FSA has also announced the appointment of a new senior advisor today.

Graham Halliday, a former regional managing director at Natwest, will be involved in overseeing the retail banking sector for the FSA in his new financial services job.

Updated: 14 December 2009.
Categories: banking-and-financial-services, finance-and-accounting, market-and-industry-news.

John Lipsky has attacked Alistair Darling's latest measure against staff in banking jobs.

Alistair Darling's planned tax on the bonuses of staff in banking jobs has come under fire from John Lipsky, the managing director of the International Monetary Fund (IMF).

"That's just a 'look back and see if we can recoup' tax," he remarked during a speech in New York.

Mr Lipsky added that the IMF was considering other options that will help pay for the costs of the current crisis, while also helping to "limit the risks and costs from any future crisis," reports Bloomberg.

He added that it perhaps should not be just the financial sector that bears the full burden of taxation, as the programme of bailouts around the world also served to help the general public avoid larger losses.

Other countries have so far failed to follow the chancellor's lead in imposing such a levy, with only France reported to be considering a similar tax.