PWC

Lehman Collapse, Labour’s Employment Plans, Audit Reform Ideas and Oxford Biomedica

There was a highly amusing article in the FT recently by their journalist John Gapper explaining how he caused the financial crisis in 2008 by encouraging Hank Paulson, US Treasury Secretary, to resist the temptation to rescue Lehman Brothers. So now we know the culprit. Even more amusing was the report on the previous day that the administrators (PWC) of the UK subsidiary of Lehman expect to be left with a surplus of £5 billion. All the creditors are being paid ...

Brexit, Abcam, Victoria and the Beaufort Case

Another bad day for my portfolio yesterday after a week of bad days last week when I was on holiday. Some of the problems relate to the rise in the pound based on suggestions by Michel Barnier that there might actually be a settlement of Brexit along the lines proposed by Theresa May. This has hit all the companies with lots of exports and investment trusts with big holdings in dollar investments that comprise much of my portfolio. But a really ...

Warning to Beaufort Clients

It has come to ShareSoc’s attention that certain claims management companies (CMCs), may approach Beaufort clients, offering to help you recover your assets. We would advise extreme caution if you receive such an approach. The latest information from PwC, as agreed by the creditors’ committee, can be found here: https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/latest-news-and-update.html As you can see from that statement (and the plan summary referred to by it), all bar fewer than 10 individuals with accounts that include cash in excess of £400,000, will have the costs ...

Open Season on Auditors?

I attended a joint ShareSoc/UKSA meeting hosted by PwC yesterday. There was a lively debate as one might expect of the problems of the audit profession where there have been just too many issues with listed company accounts in recent years. The latest is an investigation announced by the FRC into the audit of Conviviality but there have been lots of other problem cases in both large and small companies – Carillion, Interserve, BHS, BT, Rolls-Royce, Mitie, RSM Tenon, Connaught, Autonomy, ...

ShareSoc demands fair treatment for Beaufort clients

Press Release 104 - ShareSoc demands fair treatment for Beaufort clients The liquidation of Beaufort Securities on the FCA's instruction is targeting the ring-fenced property of thousands of UK private investors, many of whom are now facing losses of up to 40% of the value of their holdings. The liquidator's proposals bring into question the whole system of regulatory and legal protection of investors in the UK. The Financial Conduct Authority (FCA) declared Beaufort Securities Limited (BSL) and sister company Beaufort Asset Clearing ...