Consultations

Insight / Review of Groceries Code Adjudicator finds persistent ‘climate of fear’ in suppliers

A statutory review of the Groceries Code Adjudicator (GCA) has found an ongoing concern that some supermarket suppliers are reluctant to bring issues to the adjudicator owing to a ‘climate of fear’

Insight / Ethics board looks at professional scepticism and judgment

The International Ethics Standards Board for Accountants (IESBA) is consulting on new guidance on professional scepticism and professional judgment, which will emphasise the importance of accountants not simply accepting information at face value, and will be included in a planned revision of its code of ethics for professional accountants due at the end of this year

Insight / IESBA seeks feedback on key issues for code of ethics revision

The International Ethics Standards Board for Accountants (IESBA) has launched a survey seeking comments, views, and insights from stakeholders as the first step in identifying the key issues it should address in revising its code of ethics for professional accountants

Insight / EU’s financial regulator up for review

The European Commission has launched a consultation on the role of the European Supervisory Authorities (ESA) to review its effectiveness and long-term stability ahead of Brexit, with possible reform to give it more power in regulating financial markets across the EU

Insight / FCA proposes overhaul of IPO information

The Financial Conduct Authority (FCA) is consulting on a package of measures to reform the availability of information during the UK equity initial public offering (IPO) process, largely relating to the timing, sequencing and quality of information being provided to market participants

Insight / DWP consults on defined benefit pension scheme reforms

The Department for Work and Pensions (DWP) has launched a consultation on measures to ensure defined benefit (DB) pension schemes within the private sector remain a secure and sustainable option, given the growing number of schemes in deficit

Accounting / Corporate governance rules should extend to ‘large private companies’

The corporate governance and reporting requirements for public listed companies should be extended to private companies to try to avert another BHS debacle, including large private companies with over 5,000 defined benefit pension scheme members, say MPs on the work and pensions committee

Insight / MOJ considers tougher laws on corporate economic crime

The Ministry of Justice (MOJ) is considering introducing new laws as part of a crackdown on corporate economic crime, and is seeking views on whether further reform is needed to combat corporate criminality, following fraudulent, dishonest activity by some banks and other commercial organisations, reports Pat Sweet

Insight / Charity Commission to review annual return

The Charity Commission has launched a consultation as part of its two-year project to change and review what information is collected from charities as part of the annual return, so that only information required for regulatory purposes is gathered

Insight / FCA to tighten up spread betting rules

The Financial Conduct Authority (FCA) is consulting on proposals for stricter rules for firms selling ‘contract for difference’ (CFD) products to individuals, after research showed 82% of consumers lost money on this kind of spread betting, with many in danger of incurring ‘rapid, large and unexpected’ losses

Insight / Minimum £1m penalty introduced for breaching financial sanctions

The Treasury’s Office of Financial Sanctions Implementation (OFSI) will be able to impose penalties of up to £1m or 50% of the financial sanctions breach, depending on which is higher, from April 2017

Insight / Call for tougher governance rules for large private businesses

Government, in its latest green paper, has targeted privately owned businesses with its plans to extend corporate governance as well as review executive pay in an aim to strengthen the UK’s governing framework 

Insight / Further consultation on gift aid donor benefit rules

The Treasury has published the outcome of a consultation looking at the rules governing the benefits that charitable donors can receive as a consequence of making a Gift Aid-eligible donation, and says it will now conduct a further review of the monetary thresholds underlying the relevant value test

Insight / BEIS responds to EU non-financial reporting directive

The government is to introduce legislation that will apply the EU non-financial reporting directive to all companies in scope, but will allow those at the boundaries to voluntarily comply with the EU requirements, following a consultation on the issues

Insight / EU money laundering directive will see review of PSC register rules

Government plans to implement the EU Fourth Money Laundering Directive to prevent the use of the financial system for money laundering or terrorist financing will cost businesses up to £27m a year in additional compliance costs, while the people with significant control register (PSC) will have to be updated
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