Archive for December, 2008
Tories admit demutualisations were mistake: Co-operative News
Building society demutualisations had been wrong, a Conservative Treasury spokesman admitted at the first ever Mutuals Forum.
“We can see with hindsight what a mistake they were,” said Mark Hoban, the shadow financial secretary. “Those institutions were too small as listed entities to survive.”
However, Hoban resisted a suggestion from conference delegate Vivian Woodall – chief [...]
More mortgage brokers banned: Primelocation
Two mortgage brokers - Andrew Bowden of Surrey and Shaun Lawrence of Nottingham - have been banned by the Financial Services Authority for breaching rules and misleading the regulator. They are the latest example of an extensive blitz of the sector during 2008, which has seen many intermediaries prevented from continuing to sell home loans.
See [...]
Belfast rapid transit gets approval: Public Finance
The go-ahead for a rapid transit system for Belfast and a £43.5m allocation for a Titanic Museum have been agreed by the Northern Ireland Executive.
Following research into alternative tram and bus schemes, the Executive approved the establishment of a bus scheme that will use dedicated roadways for much of its length, linking the city centre [...]
Charities find times hard: Accounting & Business
Donors who give to charities expect their money to be spent properly. Unfortunately this is not always the case, according to the regulator for charities in England and Wales, the Charity Commission.
In fact, says the Commission, poor accounting and financial reporting practices are common across the charitable sector. Fraud, weak management and bad financial decision-making [...]
Accounting news, November 2008: Accounting & Business
Fair value under pressure
The International Accounting Standards Board has yielded to intense pressure from European Union governments and United States regulators to allow some distressed financial instruments to be reclassified, removing them from the requirement to report at fair value. Many banking and insurance executives have blamed the use of fair value and mark [...]
Protecting accountants from ‘accountants’: Accounting & Business
Alan Shooter is fed-up. He is an FCCA and his central London firm Shooter Greene & Co is well respected. Yet he worries that clients are increasingly turning their backs on skilled and experienced firms such as his and taking their business to firms that call themselves ‘accountants’ – but are not qualified.
With the reduction [...]
Inflation + recession = budget crisis: Local Government Chronicle
The Government’s grant increases of 4.2% and 4.4% for English councils for the next two years are significantly below the inflation rate for goods and services bought by local authorities, which have been badly hit by hikes in fuel and food costs. Added to which, local government minister John Healey told the House of Commons, [...]
Should council funds go for bonds?: Local Government Chronicle
Boots the Chemists stunned the corporate world seven years ago by switching all its pension fund’s equity investments into bonds. Its decision reflected both pessimism in the prospect for shares and the impact of accounting standard FRS 17, which requires companies to declare pension fund liabilities on company balance sheets, based on current market values.
Life [...]
Caring for our health and social services: Co-operative News
Social enterprises are increasingly one of ministers’ preferred delivery mechanisms for breaking down the NHS monopoly. Care minister Phil Hope recently announced £450,000 funding to establish six social enterprise projects, designed to move services out of the state sector.
NHS West Midlands is to set-up respite care schemes for disabled young people and their families, which [...]
Building societies begin to show the global strains: Co-operative News
What a difference a couple of months makes. In early October, the Building Societies Association assured the News that despite the oncoming recession there would be no more forced mergers following the rescue by Nationwide of the Cheshire and Derbyshir societies. Time has proved them wrong.
In normal times, eight weeks passes so quickly you hardly [...]
