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FCA re-files accounts after complaint about clarity

The FCA has re-filed its annual accounts after a complaint over their legibility, The Times reports.

After a bricklayer, Clive May, based in Mold in Flintshire, raised concerns about how clear the accounts were to Companies House, the corporate registrar service invited the regulator to submit an update version of its accounts to March 31 2018.

According to The Times, May took issue with “hastily penned in corrections by persons unknown”, including handwritten notes and edits on capital expenditure and lease arrangements, as well as an October update to board members’ outside commercial relationships that added two new paragraphs of information – claiming that these lowered his confidence in how accurate the filings were.

The Times quotes an FCA spokesman confirming the regulator had “agreed to submit another version” but had not contravened any rules around filing.

After discussions with Companies House, a printed version of the accounts was uploaded last week, The Times understands.


FCA outlines no deal Brexit battle plan

The FCA has today set out how it would use the temporary transitional power in the event the UK leaves the EU without a withdrawal agreement. The Treasury has put forward draft legislation that would make transitional provisions if the UK leaves the EU without a withdrawal agreement. This is intended to minimise the disruption […]

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FCA to analyse impact of regulation on smaller brokers and lenders

The FCA has announced a project to better understand how its rules affect smaller firms, including mortgage advisers and lenders. The regulator published a note today informing firms that it would soon conduct a survey to specifically identify how FCA rules impact them, to “help ensure FCA cost benefit analyses and judgements of proportionality take […]

FCA to ‘get on with’ plans to address mortgage prisoner issues

Financial Conduct Authority chief executive Andrew Bailey has said the regulator will “get on with” addressing issues affecting mortgage prisoners. Bailey has said the affordability assessment test is under consultation to be changed from an absolute test to a relative test and that there is “no reason to hang around” on the decision. This comes […]

Mansfield releases second expat BTL mortgage

Mansfield Building Society has released a new buy-to-let product for UK expats. The new mortgage comes as a 70 per cent LTV two-year discount at 2.06 per cent below the lender’s SVR, providing an initial rate of 3.69 per cent. It commands a £199 application fee. Rental income must meet the standard ICR of 125 […]


Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.


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