KPMG was hit with a jumbo £6 million penalty today over the audit of a distressed Lloyd’s of London motor insurer, fuelling debate over a proposed shake-up of the Big Four. The Financial Reporting Council severely reprimanded the professional services giant, which also audited collapsed outsourcer Carillion, for its work on Equity Red Star, a motor underwriter which nearly went bust a decade ago. The size of the fine, which nearly tops the £6.5 million levied on PwC for the audit of BHS, underscores the growing mood among authorities to beef up oversight of the Big Four accountants. Last month the competition watchdog laid proposals to force the four — PwC, EY, Deloitte and KPMG — to work with smaller rivals to end their dominance. Equity Red Star, one of Lloyd’s few motor underwriters, was placed under investigation by regulators in 2010 after huge underwriting losses forced it to seek a bailout from former parent company Insurance … [Read more...] about KPMG slapped with £6m fine for ‘insufficient’ motor insurer audit
Equity red star claims
KPMG slapped with £6m fine by watchdog over insurance audit
News / UK and world by Press Association April 30, 2019, 10:11 am Send us a story Sign up to our Daily newsletter KPMG has been hit with a £6 million fine and been “severely reprimanded” by the accountancy watchdog over the way it audited an insurance company. The City firm has also been told to undertake an internal review by the Financial Reporting Council (FRC) in relation to its audits of Equity Red Star, a firm based at the Lloyd’s of London insurance market. Mark Taylor, a partner at KPMG, and former partner Anthony Hulse have each been fined £100,000 for their involvement in the audits, which took place in 2008 and 2009. Equity Red Star director Douglas Morgan has also been banned from the Chartered Institute of Management Accountants for two years. The FRC said it had begun investigating the audits in 2012, and first took action against the companies in 2016. KPMG made “insufficient inquiries” about the process … [Read more...] about KPMG slapped with £6m fine by watchdog over insurance audit
Georgia May Jagger confirms romance with restaurant owner Louis Levy
Georgia May Jagger confirms her romance with dashing restaurant owner Louis Levy by sharing her first picture of him on social media as he plants a kiss on her cheek. Beaming Georgia May, the model daughter of Sir Mick Jagger and Jerry Hall, who turned 27 this month, gushes: ‘The best birthday present I got this year.’ Parisian-born Louis, 29, who lives in New York, where he part-owns the popular Mimi eaterie in Greenwich Village, was visiting Georgia May in London. Her dad will be pleased she is turning over a new leaf. The Rolling Stone was said to be ‘worried’ when it emerged last year that she was enjoying a whirlwind romance with an ex-convict-turned-rapper. Georgia May Jagger confirms her romance with dashing restaurant owner Louis Levy by sharing her first picture of him on social media as he plants a kiss on her cheek Actress Sharon Maughan, star of the Nescafe coffee adverts in the Eighties and Nineties, is now singing the praises of a … [Read more...] about Georgia May Jagger confirms romance with restaurant owner Louis Levy
The fortunes of Dragons’ Den’s most memorable contestants, including the TOWEL company set to turnover £4m
HUNDREDS of entrepreneurs have pitched their ideas to the gurus on Dragons' Den since the show was launched in 2005. Sixteen seasons later and 13 years down the line, there have certainly been some memorable stars of the show. From talented hopefuls with promising products, to those with slightly wackier ideas, the business moguls have seen it all in the past decade. On Sunday, BBC Two’s Pitches to Riches looked back at the colourful characters that have helped to make the show a success. Around 250 deals have been made in total, with over £21million invested from Dragons such as Peter Jones, Jennie Campbell, Deborah Meaden and Touker Suleyman. Here, Fabulous Online recalls some of the stand-out stars who have entered the Den over the years…Series two, 2006 - Rob Law’s Trunki Suitcase Success in the den? Offered £100,000 for 50 per cent share, but declined the offer Turnover: £9.3m in 2016. When Theo Paphitis pulled off the strap of one … [Read more...] about The fortunes of Dragons’ Den’s most memorable contestants, including the TOWEL company set to turnover £4m
Ollie Phillips: Johnny Sexton’s outstanding Ireland and dominant Saracens lead my 2018 roll of honour
There is only one place to start a look back at rugby in 2018 and that’s with its best side. Ireland have been the undoubted stars of the last 12 months. They may not have overtaken New Zealand as No1 in the world rankings, but their first ever home win over the All Blacks last month capped a near-perfect year. It started with a sliding doors moment as Johnny Sexton’s last-gasp drop goal secured a 15-13 win over France in their opening Six Nations game. Who knows what would have happened had the fly-half missed, but Ireland gathered momentum from there, completed a grand slam and never looked back. An amazing away series win in Australia followed before the autumn internationals confirmed their status as red-hot World Cup favourites, alongside the All Blacks. The fact Ireland, Sexton and head coach Joe Schmidt claimed a clean sweep at November’s World Rugby awards told you all you needed to know about their best-ever year. Stand-out Sarries Leinster’s Champions … [Read more...] about Ollie Phillips: Johnny Sexton’s outstanding Ireland and dominant Saracens lead my 2018 roll of honour